No worries about questions! Feel free to send me a PM if you want more specific information etc.
As for where to stay, I'd suggest anywhere central (look for walking distance to the Guggenheim or the old town and you'd be fine). For a city of this size, it's very walk-able and the public transportation system is excellent.
If you have one day there I'd suggest checking out the Guggenheim and the area surrounding. There's a lovely river walk/places to sit and enjoy a coffee etc. Unless you're a modern art fan, I wouldn't suggest going in as it is quite pricey (13 euros) and the outside is the most spectacular part. Then I'd head to the Old Town and have a wander around. Definitely check out Plaza Nueva and enjoy some Pintxos (tasty little appetizers you buy at all the bars. Just look and see which ones you want, point them out and enjoy!) and txakoli (pronounced "chakoli"), the local wine.
If the weather is nice, you can also head up the funicular to see some great views of the city and out over the water in the distance (
http://www.bilbaoturismo.net/BilbaoTurismo/en/sustainable-transport/artxanda-funicular).
If the weather's wet (it rains a lot here) there are a couple of good museums in the Old Town that are inexpensive (3 euros each).
Enjoy Bilbao when you get here! And again, feel free to PM me if you have more questions
Buen camino!
K