Just got off the phone with the Grand Marais Police after talking about parking, and this was the first thing the jumped into my mind:
So You can park on-street pretty much anywhere in GM (hence the Free for all). You can also park at the Artist Point parking lot (Which is also where I will have the truck and where we will roll out from on Friday).
I would encourage you to utilize the on-street parking since Artist point can get really busy. Just remember to make sure that you hide all your valuables. 2nd - 5th streets are quiet and residential.
If you have not made accommodations in Ely, you had better jump on it. They have got events going on in town that weekend, and space may get tight.