For a first time I would recommend going with a tour company. It is easier and that is worth the extra. Also you don't have to deal with the ACO!
Best viewing spots? Well it is 24 hours - watch from everywhere! Although make sure you make the trip out to Arnage and Mulsanne corner. This might be by bus or car or walk (I've heard some people do!).
You can see many places without grandstand seats. In fact viewing the corners is probably best done without a seat. However (and I wouldn't say this for any other event) a grandstand on the start-finish is good. You can see the build-up, the start, chill in the late hours, and the finish.
Mulsanne Straight. Yes you can get to see it, but it isn't encouraged, obvious, or that good. It is something you have to do once, but I don't crave it each year. There isn't anywhere that official, but there are ways.
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