Monaco GP

I think the best way is to charter a helicopter ride on the race day. It is a very small town and it will get very busy on Sunday. The other option is train ride.

 

If you decide to drive in, plan to arrive very early (well before the Sunday morning qualifying session) and stay late. Parking is very tough if you're not in town early, and the exodus after the race is brutal, so stay around for dinner before heading out. There are lots of garages around the Principality, but steer clear (pun intended) of the ones in the Fontvielle neighborhood (near the heliport)- the roads in that area are especially jammed for hours after the race.
If you take the train, be sure to allow some extra time, as on race day you may well have to wait through several full trains before you can squeeze on, although if you're coming from 70 miles east I imagine it won't be as bad as if you try to board at, say, Menton to the east or Nice to the west. You can exit the train station on the upper or lower levels depending on where your seats are located, and walk to the grandstands- lower exit if you're sitting near the harbor, upper if nearer Casino Square.

 

We went to the Monaco GP four years ago and stayed in Nice (about 20 minutes west). Our plan was to get up early and make a whole day of it. We arrived around 7:00AM, ate breakfast and walked around. We parked in the casino lot (underground). Our plan worked perfectly... we beat everyone and had no traffic problems at all (arriving). You'll love it there... great race, great people watching, great F-car spotting. It's a 100% blast... now if only the F1 cars could pass on that track.

I took these pics there... be sure to play the mpeg below!!! Enjoy Monaco!
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Avoid stress, take the train. Did so from Cannes, really enjoyed my time.

Eat at Le Texan.

 

That is some sound advice!