You can put it in the bypass... coolant flows there all the time. The heater hose would not be good as you would need the heater on all the time to get close to proper temp at the sensor.
There isn't much if any extra room to put it on the bypass with the magnum serpentine setup. The A/C compressor is mounted right above it. The bracket is notched to make room for the hose and clamp.
