Jonathan
Someone linked my last lot of Duxford pictures earlier on in this debate, but I've also paid Duxford a lot of money to go inside as well, so I hopefully can answer most of your questions.
In terms of lens, yes, your 150-500 should do the trick, well, as much as any lens will. You'll still end up with a few 'specks' in the distance, but to be fair if you had the hubble Telescope you still would.
Light...mmm...not great. late afternoon is the best time for light, but you can get some good pictures at other times too. A cloudy day is probably the best bet, strange as it sounds. An example is this:
That was taken at the Tank Bank End, but not on it.
Then again, at the other end, the light can be ok too, great for landing shots:
(Yes, I know, the props not blurred enough, but its an old picture!)
or
The middle is ok, and you can get some nice start up pictures:
Obviously all of the above depends on a number of things, like which direction runway is in use.
There are alternatives, like the naughty field. But its a hike! Especially if you have a lot of kit. Also, the fields have been cordoned off, and the farmer doesn't seem to like it.
There is a footpath which MAY be a public right of way, but it's difficult to establish. In terms of safety, I did a lot of work with crash plans at Heathrow, I'd dispute the claims that the naughty field is dangerous. If something has that much of a problem, it's going where it wants in which case, its as likely to end up on Duxford village or the crowd or the M11. If not the pilot will opt for the runway, not least because thats where the fire service are.
The other alternative is the other side of the M11, beside the approach. That one I would agree is potentially dangerous. But if you are sensible, it isn't too much of an issue.
Leaving your chair? I've never had a problem with it. I wouldn't leave anything like a bag though. The EOD people like blowing things up! And if they don't, someone will nick it.
The Plane spotters don't like it, well some of them, you see they are entitled to walk round all day and expect to have somewhere at the front....Apparently!
I've always got there early, which apart from making me knackered sometimes means you can't get out quickly. I've been stuck inside for 2 hours in the past. You can arrive later, but expect there to be very little room on the crowd barrier.
Lastly, as someone's said, take your own food & drink. The prices are higher than the average display!
Bernie