We went in 2010 - fresh out of university, on a budget. We found a cheap studio apartment here:
https://www.residences-uqam.qc.ca/ It's a UQAM dorm that is rented out in the summer, and very conveniently located in the city. I just ran a search and looks like they have multi-room accommodations too so maybe you can all can stay in one?
That meant we could spend more on the tickets and sit at grandstand 11. Not my picture but pretty much the same view. Clear view down the main straight and pitlane and guaranteed action through the Senna corner
As mentioned already, there is definitely enough happening there to enjoy all weekend away from the track. In fact, I think it's one of few "traditional" races where you have good atmosphere outside the circuit, unless you enjoy camping in the mud in a forest/farmland/parking lot...