I'm not local to that area, but you can see an interactive map on
this page (on the right-hand side underneath "Maps" click the G icon) which if you zoom in has little camera icons you can click on for information about viewing. One says that in the Event Village on Barley Picnic Site there will be a big screen. There's also a car-park site just south of the circuit you can click on which says that it costs GBP 5.00 to park there which includes a programme.
I've also put the route on to normal Google Maps
http://maps.google.co.uk/maps?f=d&s...3.868978,-2.249022&spn=0.030163,0.090895&z=14here so that if you drag the little green/orange/whatever colour man on the left on to the route you can see the street view of the road and get a good idea of what the best bit will be. I'd recommend near the north-west corner at the top of the hill personally, but that's just me. I'd go
here, where you can see a little way down the hill. If you rotate the view around to the west you can see the pretty Pendle Hill as well.
Take care to heed the
Road Closures Map. It's not terribly clear but I think basically you can't drive beyond those red triangles towards the circuit. The road closures seem excessive to me, I wonder if it's a way to encourage people to pay for the spectator car parking area. If you're taking your bike with you then provided they let you on to the circuit (I'm sure they will if you're there in good time) that should allow you to get where you like. But if you don't have one then getting to that spot I recommended might be a bit of a walk.