JAYMAC - putting a piece of orange on top of a ground blind isn't a bad idea on public land. It may keep hunters from walking right into your setup and possibly spooking deer that you're watching. I have personally walked to within 20-30 yards of a blind before I saw it - the newer camo patterns sometimes really blend into the surroundings well!
As far as someone walking away with your stuff - you just never know. It happens far too often on public land, and yes - even on private land - land where you may have permission to be, and they don't!
On public land, I make the choice to either be mobile or sitting on a particular day - not both. If I'm going to be moving around (more than 100 yards from my stuff), I'll take it with me.
As far as location of your stand - wherever you hunt - it's always best to do some pre-season scouting to identify major trails to/from bedding and/or feeding areas. Just sitting on a high spot won't do much good if the deer don't normally travel withing your range of vision. While it's true that they may travel anywhere, they have established travel routes and also escape routes that they normally will use when spooked. It's far better to have a limited field of view in a high percentage area than a broad view where the deer rarely go.
One tactic that I have found successful - especially on public land - is to find an area well back from roads (as previously mentioned) where most hunter don't go. I like to locate a spot that is very thick (most hunters won't go there, either, they'll walk around them). This will sometimes be the bedding area of the deer in that area. Pick out a stand location where you have a clear shot (maybe only 30-50 yards max) of one major trail running through it (or where two intersect if possible), and be there and settled in WELL before daylight (here's where a GPS will serve you well). I also use the "Bright Eyes" thumbtacks to mark my trail into my spot ahead of time (easily picked out with a flashlight in the dark). But if it's foggy, the GPS will really pay off to help you find your way. Anyway - once there, I stay all day, or until I've got my deer. Sit very still, be quiet and look sharp. Let the other people move deer to you.
Make sure you follow the laws concerning carrying a loaded weapon during the dark hours. Just don't forget to quietly load your weapon after you are seated and settled in.