I have never been to Reno but I have done a bit of investigation for when my time comes!
...from what I understand the only place you will be allowed this year is on the airport/show area. The off airport viewing areas have been closed to the public because some people have behaved badly in the past.
I have heard that the best places on the show grounds are in the stands...get there early for a spot on the top row. Also buy a pit pass so you can get up close to the airplanes before they roll off.
If you have only one day I would think it would be hard to do both of these...
I would go either Saturday or Sunday.
For more info ... check this forum.
http://www.aafo.com/hangartalk/