Assuming a standard entry ticket and a nice sunny weekend, I would start the morning on the outfield of the circuit, between The Esses and Bombhole. Waist high fencing and various angles to suit most lenses. Murrays on the infield doesn't work in the morning due to sun.
In the afternoon I would spend some times at Murrays (nee Russell) infield, although its not as good as it was, but also trek around to the outside of the start finish straight - you can capture race starts, chequered flag shots and if you've got longer lenses have a stab at Corum. Also worth checking out the infield spectator bankings.
Basically watch what the sun does and move to an appropriate location.