@nightrippe Absolutely. You will be able to choose your side (Frontierland or Rainbow Ridge at any location), I suggest the Telegraph Office which is next to the Goldenhorshoe. The fastest way to begin earning bits is by completing "work" and/or delivering telegraphs. Depending on which side you choose will determine which telegraphs you can deliver. Sometime they have Morse Code assignments with a little decoder card you can do as well.
If you don't mind spending 3-6 dollars, you can get a sort of jumpstart by purchasing Elixirs at the cart next to the Mark Twain dock. Essentially you sip the drinks ($3 a piece) and prominently show them to CM's in Frontierland for their abilities to work. The Luck drink will start you off with at least one bit, and then other CM's will give you bits in different way as you communicate with them. The drink itself tastes like a light version of lemonade/limeade. The Knowledge drink will have CM's give you additional information you wouldn't have received otherwise to earn bits from doing tasks. It's like a grapefruit punch flavor. There is a third drink which I only used once, Charm. It gets you out of Jail faster or eliminated a Wanted Poster if you are an Outlaw. It tastes awful, its like lemonade mixed with Tobasco. You get a sweet taste up front but then the back of your throat gets that tabasco lingering feeling.
If you choose Rainbow Ridge look for Red or Geddidiah, if you choose Frontierland look for Sheriff Chance. Also look out for Billy which I have seen switch sides. There are more important characters in the Legends of Frontierland Story and sometimes can help you out, especially early on.
Have a fun time!