I went to the PPHC about 20 years ago when there was still some dirt on the roads.
it's a "must do" for any race fan IMO. You have to get there before the race starts since you drive up the same road they race on. (I guess that's pretty well understood.) Once you're parked, you'll be in the same area until the time trials are over. I could walk around for better vantage points and even cross the road between runs. The cars ran individually and the bikes ran in groups of four.
I have some photos somewhere but I'd have to find them, drag them out and scan them (film).
I couldn't tell you where the best place to park is. Probably not a huge difference. Bring a lawn chair, a picnic, sunblock and beverages. Get comfortable from morning until midafternoon.
Manitou Springs is a great place to visit. The racers are in the same motels and many teams used to work on the cars and drive the cars to the Hill Climb. I am not sure any of the racers are street legal any more. Anyway, Manitou is a good visit all by itself. Certainly abide the local herb if you're so inclined.
Enjoy.