Mine is directly under the battery parallel to the ground. I have an electric fan on top that is switched on either manually or automatically by the temp switch in the tranny pan. I used the bumper mount and made a small triangular bracket to mount it up front and used the fenderwell to mount it towards the rear. I also made up a small splash shield from aluminum to protect it from tire splash.
Prior to that, I had it in between the IC and condensor as you mention. Worked fine, I was just trying to optimize and I had seen Dave's idea but wanted to refine it a little. Make sure to use AN fittings if you're putting it in front of a tire path. Cal Harline wrecked his car like that.