You "should" be fine OCing on Lookout.
Most of the land owners are used to people landing in their fields.
As for the spectators, many are from other states (and/or countries). Some of these people are not used to seeing openly carried firearms. It may cause some curiosity, but I doubt you'll have any actual issues.
As long as the owner of the launch site has no issue with it, you're good.
Make sure that you stay away from Point Park on up the mountain (near Rock City and the Incline Railway) as it's a National Military Park and off limits until Feb.'10.
Oh yeah......good luck with that whole jumping off the mountain thing. I don't jump off anything without a parachute. I do, however, like to watch y'all do it.