From what I remember (which means fact check this....), by the time these got feedback carburetors and/or EFI, Ford put the gauge sender on the intake, just to the left (driver's side) of the distributor, and the ECU sender was also in the intake, to the right (passenger side) and behind the distributor. They both required that the heater core to always have open flow, or the vacuum valve that bypassed the heater core, so the heater hoses (and the intake passages) always had some flow.
Those two senders, on any ford of that era (or most brands from that era), they never did read "the same", but they kept the engines working just fine.
Putting a temp sensor in the water neck (post thermostat) is hit and miss. It kinda depends on how much "leaking" is designed into the thermostat. Some makes/models did that from the factory, and it's fine. Others did not. If you've got a little leakage designed in (which is normal if it's designed in), then that's a great place to stick a sensor. If you've got a hard seal, barely leaks a drop, you end up with a "dead gauge" until you hit the cracking temperature, and the gauge "spikes" in an unsettling way.
You're looking at a fan switch (not a sensor...), which should be set well above the cracking temperature. You would more than likely have no issues at all with that little quirk. I suspect the water neck would be just fine.
Putting a "T" in a temp sensor is a gamble on a good day. Pressure measures fine that way, flow and temperature, not so much. Poor flow characteristics and a separation from the "mass" of the engine has every "potential" to make wierdness. Just like
radiators need proper coolant flow to transfer heat effectively, your temp sensor needs direct contact with active coolant to read accurately. Unsteady readings, overreacting with/without fan activation, and so forth. The hard part of that is that sometimes they work fine... You've really got to "science" a setup like that to make sure it's right, even if it 'seems" right. I'd avoid that.
Honestly, placing a sensor is such a simple thing, but it's something that actually gets a LOT of attention when engines are built. Being a custom installation, you may have to try a couple of options.