Bungalow was the first place I ever watched, and you can get to it, using the electric tram from Laxey. Once you are there, you're stuck all day, but, unless it's a really horrible day (and we don't get those in the Isle of Man!!!!!), it's a great place to be. Bring your own sandwiches, beer etc... there may be a catering van, but no guarantees.
Second tip... why don't you sign up as a marshl, see from one of the best places, and help make sure the event happens.
http://www.iomttma.com !