Don't plan to sleep much. I've done it three times. It's still my favorite Vegas trip of all time even though I don't see much Vegas other than the sportsbook.
I was up usually about 6 or 6:30 to head downstairs. Remember Vegas is Pacific time, and while games start at 11:15 for you and me in central time, it's 9:15 out there. You'll need to check out the Venetian's plans for those days, because I
understand that some casinos started charging premium seating prices for
sportsbook seats on those days.
When I went, we would just go get a seat, eat breakfast and wait for games to start. Of course the beauty of it is that you can watch every game simultaneously and wager on them as well. You can always tell when a team is close to covering at the end of a game. The roar you will hear when a Duke bench player scores to put them up 27 over a team they are favored by 26.5 is like no other. You get a little taste of it at the end of every first half with those lines and totals.
You're looking at about 12 hour days of sitting and watching, so get comfortable. If you move, you likely won't get your seat back. The good part about Pacific time is that when thing end around 9 or 10, you still have some time to go see more of Vegas.
Saturday and Sunday are a little more relaxed because of fewer games and on Sundays lots of people are heading home.
If you don't care about seeing every second of every game, then I'd recommend placing your bets at the Venetian that day before you head out. If you know you are going to be in another location for the duration of a game, you can wait to bet there, but you don't want to end up with a winning ticket from the Rio or MGM and have to get back over there to cash it in.
You'll have a blast. Impossible not to.