In past years it was run from Shooters towads the 19mm. The course was on the oposite side of the lake from Shooters. Marker bouys will be out to mark the course and the line spectator boats must stay behind. You can see their entire runs from the water if another boat doesn't get in the way. A tall cruiser or houseboat gives really good visibility. There will be groups of boats lined up next to the bouys along the course, you can probably raft up, get a good view, and make a day of it.
Not sure on the Miss Budweiser. It usually ran around noon and then near the end of the day.
2 other items:
1) the water is about 85' deep there, so bring enough anchor rope.
2) The area is no wake until the runs end (4:00?). After that, the water gets really rough. So be sure to break apart from other boats before that or you'll get beat up pretty bad.