I went last year and my crew went the year before that - wheel all morning, then spectate the Ultra 4 at the quarry in the afternoon. The side of the quarry by the lake had a ton of action and we were literally on the rope barricade drinking beer watching the racers climb the wall. Plenty of rigs broke right there or had to winch up the obstacle which provided great entertainment.
Me and a couple of the guys will be there again this year (RAM ROD, Jerry) so come find us and say hi. We camp and have the whole back area in the grass powered camping sites reserved so if you're camping stop by our fire.
Quarry is the only option. The other places are pretty boring. Don't plan on wheeling honestly. Too many people out there during event days. If you're local go when they drive them through downtown, it's pretty cool.