If it's for a A/F ratio gauge reading, it should be fine. A little too far if the sensor's job was to communicate with the ecu to control the engine's fueling.
That is about where it is on my fox body, and works fine. For boosted applications, AEM recommends moving the sensor down pipe to reduce heat on the sensor.
I installed the sensor in that location, it's set at 20clock, and works fine what I can see. But I wouldn't know if it is a good or bad location per say.
The instructions for Innovate sensors call for 24" past the header collector. Any closer and you will shorten the life of the sensor, and the further down you go the leaner it will read. http://www.modularfords.com/threads/27265-Wideband-tailpipe-sniffer-vs-02-bung-I-have-results
This thread compares the difference between bung mounting versus tailpipe sniffer mounting (extreme example, I know) and the difference is bigger than I thought. I'm not sure how significant that is though, because most of the difference seems to be at low RPM, and part throttle/low RPM tuning can be done with narrowband sensors anyway.