Attending Omizutori

Hi! I will be travelling to Japan next March and I will be spending March 12th to March 15 th in Nara, so I can attend the festival.
I was warned to be there early to get a good view on the closing day and that it wasn't actually necessary to do so on the 12th, because they use some kind of rotation system to allow everyone to see the torches, is it true or should I arrive before sunset nonetheless?
Also, my hostel is right outside JR Nara Station, which is a very nice spot, but unfortunately quite far from Todai-ji. Do buses run after the ceremony or I am bound to catch a taxi or walk to the station. I don't mind walking, but I'm worried about the late hours.
Also, I want to attend the actual "Omizutori" which ends around 3:30 AM, so how do I get back to my hostel? Do city buses run at that hour?
Last, but not least, I want to visit the other sightseeing spots in central Nara, do they work with their normal schedules during those days or they change the visiting hours?

Thank you in advance for any response,

Maga

According to my understanding, on the 12th you have to be there either a) very early in order to secure one of the few spaces in a central court where spectators can remain for the entire duration (not sure whether it is open to anyone, though) or b) rotate through in which case it makes little sense to be there early.

On all other days of the event, though, you can get a better position the earlier you go there.

My favorite day was the 14th when the torches come out at the same time.

After the actual Omizutori ceremony, I recommend to also check out the very mysterious Dattan ceremony inside the Nigatsudo Hall.

It takes about 50-60 minutes to walk back to JR Nara Station. That's not too bad. I think there will also be some taxis. But no buses.

Thank you, Uji, as always for your quick and really useful responses. I will try to attend the festival and will visit both "after parties", since it an unique experience, and the only festival I will be attending during my stay in Japan.
I'll start to prepare my mind to walk from the site to y hotel since now, since probably catching a taxi will be an impossible task if the number of people who attend is what I was told.
You can�Lt imagine how much are you helping with my trip, I will never be able to thenk you enough.