Since an O2 sensor has to see at least 600 degrees to even work, as close to the manifold as possible is the best place. If you were to use a heated (3-wire) O2 sensor it wouldn't be as big an issue. That is what most systems use further downstream in front of and behind the CAT to monitor its performance.
You'll find that with an older engine, at idle the O2 sensor will probably drop out anyway, then re-light at about 1500 RPM or higher. just the nature of the beast with a carburetor.
Since its not controlling the air fuel ratio, only monitoring it, you'll have to put it in one side and get a reading there only. The dual sensor/switch idea is the only way to get both sides information, or a second monitor.
I am running a single heated O2 on my 396 for the fuel injection and it works fine at idle in the Left front pipe about 1 inch below the manifold collector. No problems to report as of yet.
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