I ran a frame rail mounted pump for several years. Inside the rail just in front of the kick-up. It was an EFI pump which is even more sensitive to cavitation. The location is low enough but exhaust clearance was tight.

The best location of all is inside the tank. Good fuel supply, well cooled, quiet and no packaging or line routing problems. Since the fuel is pressurized from the start, line sizes don't need to be as large. That's what I'm running now. I bit the bullet for a custom Rick's Hot rod Shop tank and love it. I ditched most of the 8 AN I was running and use a factory style 3/8" steel line. I believe this is good to at least 700 HP with the pump pushing.