As far as I know the school system is still pretty good. I think the teacher's union gets in the way a little bit but according to my sister who's in the PTA at an elementary, there is a lot of parent involvement. My opinion for kids not going to college is expense. 15 years ago only about 1/2 my graduating class went to college because it was too expensive. Plus there are many vo-tech options others explored. We moved to ID because we couldn't find jobs in our field (computers) that paid enough money out of college. I think it's getting better and we are looking to move back in a few years.
In terms of tourists, a lot of the people from northern WY and the Indian reservations come to town on the weekends to shop. You will get tourists to an extent, but mostly it's a pass through place, not a destination. It's all about location and what you have to offer. There's an area on the west end (King/24th street) that has most of the shopping where tourists are apt to stop.
Camping and fishing--you can go to the Beartooths in many places: Red Lodge, Columbus; there are many camping opportunities there. Also Yellowstone (Gardner) is 2 1/2 hours away. Fishing--you can try the yellowstone but I don't recommend it right in the Billings area, rather go east or west. We often go east to a place called Tongue River or towards Red Lodge (Cooney reservoir) for boating/camping.
Billings is the biggest city in MT (about 120k in the county), and it's more in the flats of the Rocky plains not in the mountains. As the 4th largest state size wise you have to realize it takes a while to get places. However, Bozeman is only 2 hours, Helena is about 4, Missoula is about 6, Rapid City is about 5.
A couple of drawbacks--airlines. It's 'remote' in the sense that there are limited places you can fly to (SLC, Denver, Minneapolis) to get connections other places. I think it's getting better, but it's not like Boise (where I'm at) or Phoenix.
Sorry I got long winded--I'm sort of day dreaming about being back there
What else can I help with?