Saman
A pit pass is definitely the way to go. You have to get in early though as numbers are limited and you have to pay for them but it's money well spent. I found one day in the bleachers to be enough to experience the supporting airshow. As for the racing, if you can't get out to the pylons it's best experienced in the pits, particularly if you are a photographer. All the hype you have heard about "electric atmosphere" and all that is true. Enjoy!
Cheers