Yes, it'll be from the NE, coming in S of Deer Island and N of Long Island and Spectacle Island. I have the preliminary CG planning chart of the parade route in PDF format, just PM me with your e-mail address if interested.
I've never seen it from land, but usually with these types of events, the farther out you are the better chance of seeing them under full sail. On the other hand, the East Boston side might offer more places to watch from, closer up.
Probably the best way would be to buy a ticket on one of the excursion boats. No doubt they'll all be out there.