I believe the best place is directly mounted on the MAF under the hood (shortest and straightest route). However, there are a couple of concerns - 1) underhood heat migrating up from the headers, particularly during idle & low speed. 2) Fan wash from the cooling fan affecting idle airflow. 3) Dust from the compressor clutch.
These can all be resolved with a heat shield or fabricated metal box (not the plastic air filter boxes). Magnum Powers has one for about $100, which also mounts the MAF; you can use the K&N one for the stock t/bird, or like me make one yourself from sheet metal or plexiglass. The next thing to do is buy an S&B (Autophysics) or "Green" conical filter (with the open cone in the front) and, then unbolt the IRCM relay box and rotate it 90 deg. & attach it to your shield. This then allows direct air flow to the front of the filter (works better on '94/95 front bumper design). Beats worrying about water getting into the filter during rain or the car wash; filter getting caked in road dirt or even falling off & you don't know it !!!!
My 2 cents (bound to get an equal & opposite opinion).