Practice rounds are somewhat unpredictable, in that you don't know exactly what players are on the course, and when they will be coming around. If it were a regular tournament round, I would recommend that you get a pairings sheet, then park yourself at a spot on the course where 2 or 3 greens and tees are in reasonable proximity to each other. That way you can bounce back and forth between green and tee, watch the players approach the green, putt out, then hustle over to the next tee, get close to the ropes, and watch them tee off on the next hole.....then repeat as long as you wish.
Also, many practice rounds include Pro-Am events, where one pro is paired with 3 local amateurs from your area. These could be local businessmen/women, local TV personalities, etc. I hate watching these b/c the amateurs are often NOT very good, and you want to watch GOOD golf....not what you see at your local golf course on a typical Saturday morning!
Also, since it's an LPGA event, and those aren't as well attended as mens PGA tour events, I would chose holes that are a little further away from the clubhouse to watch....that way there won't be a lot of fans out there, and you will be able to get quite close to the players to see them execute their shots. Unless you have one or two star players you want to watch, I would not recommend walking the whole course with one group. You'll wind up doing a lot of walking and see relatively few shots. Just off the top of my head, those are some ideas to start with......I'm sure other members will have other suggestions to add. Have fun!