Ok, I'M no guru, so I can jump in, and I don't care what you call me. Besides,I took your intro a lil different. I think you knew I'd chime in sooner or later. So here it comes.
Keep it if; 1) you care about the environment, or 2) you care about a dollar or two saved per tankful, or 3)you are required to by law.
Ditch it if; 1) you don't, or aren't, or can't make it work.
The underhood shot shows how it can be made to work.
If you have an old style bulbous-top rad, you don't need an overflow/recovery system; just let the cooling system find it's own equilibrium point.Or run it an inch or so below the bottom of the filler hole. And leave the canister where it is.
But if you really WANT to move it, it can go anywhere except inside the car, or trunk.Unless you put it in a sealed box with a generous atmospheric vent to the exterior of whatever compartment that you put it in.If the carb bowl is vented to it, it is not likely to be effective if the can is mounted any lower than it is now. In such cases the air filter house can be modified to become a storage house for the bowl.In Tennessee, I heard it gets pretty hot out there. Storing the vapors in the filter house might not be such a good idea.
All in all I think it would be much easier to put the recovery tank somewhere else. I mean it can go anywhere.... en-ee-ware.
Like; in front of the core support, or in a fenderwell or,on the apron, or well you get it; pick a spot.
And it (the tank) doesn't even have to look like a tank, and it only needs to hold 2 or 3 pints at most. It could be a bag,a box or a tube, or a heater core. Well that last one would take a little imagination.