1) Everyone adjusts to a given altitude differently. Studies show that well-trained athletes can be affected as low as ~3000 feet in terms of decrease in VO2max.
2) Generally speaking, expect a 3 to 5% decrease in aerobic performance at moderate altitudes like Boulder compared to sea level times. Some people will have more and some maybe less (although they are rare).
3) Arriving the day before is one strategy however consider the issues of the stress of travel, not eating well that day, not hydrating well, etc. Also, what happens if you have flight troubles (travel tips: A) NEVER get the last flight out of a city or the last flight into a city--you then have fewer alternatives if something happens; B) the first flight of the day is the least likely to get cancelled for mechanical reasons anyway--also, it often gives you the rest of the day to get another flight). Driving presents its own problems.
4) Arriving 3 days before the race is about the worst thing you can do, generally speaking the third day is the crappiest day.
Hope this helps. You will probably suffer some, but unless you are making a living by running, all races could be considered "needless" suffering :)