Cadwell is my local circuit and is absolutely unrivalled ,in my humble opinion,in photo opportunities. Obviously the mountain is the big draw,but you will struggle to get a good shot from the top of the mountain unless you pay extra to sit in one of the 2 grandstands. You are still likely to get your view blocked by the many TOG's who stand there with press passes. Try taking shots from the bottom of the mountain looking up to the top for a different viewpoint.You will still get some "airtime " shots but from behind.There is also the left hander just before the mountain where you are looking down onto the bikes for real close up stuff. There is also hall bends which is very under rated,with a nice left hand bend with a little right left flick just after it (another good shot from behind on the first lap as the riders are still bunched together and going away from you.) The first corner on the circuit,"Coppice" is a real tester as the riders will be doing approx. 120-130mph as they come past you. The following corner,Charlies,is good as riders come towards you. Especially on the first corner of each race as the bunched up riders come over the crest of the hill with woodland in the back ground. The only large part of the circuit that has catch fencing is round the top of the circuit at "Chris curve" so I wouldn't bother there. (There is also a small section at the bottom of the mountain itself.)
The one piece of advice I would give is go on Friday and Saturday to take photos and forget about it on sunday as it gets absolutely rammed with people,unless you pick one spot and just stay there all day. The majority of corners only require a 70-200 lens as you are literally 15 to 20 feet from the bikes at a lot of the track.