T-Ride is very low key on Tuesday, a great day to arrive. Essentially, you would go into town without 'parking on the street' issues. You will start to see Planet getting finals into place for late Wednesday and for the rest of the weekend. Eat, drink and be merry.
I camped in Illium long ago and even rode bikes down to the campground (much younger and not sober, might not try that again!) late at night.
They are restrictive for the Th-Sun days, but if you are flexible, they are flexible (doctor's, emergencies, grocery store, essentials, after all it is a real town and a state road...)
The shuttle where you will be camping is a lengthy ride but so nice that you are not walking! Once you get there, you will understand almost all there is needed to know very soon. Telluride is geared up for this fest for 35 years and is one of the best in the world. This will be my 20th. The fest and the town have an excellent relationship.
Have fun and we'll see ya there. Dress warm (layered) the nights will be colder than usual!
chow!