Kurt, the directions for external, aftermarket pumps that I've seen say to mount the pump close to the tank, below the bottom of tank to reduce the suction head of the pump. Here's Holley's instruction sheet, note the pump location statement at the top of page 2 - http://www.jegs.com/InstallationInst...0-12-801-1.pdf

I'd recommend that you pick your pump and read the directions before getting the above tank location set in your head.