O2 sensor placement & other questions

[Chrisharon at aol.com]

   I've got my O2 sensor placed right after the exhaust Ys together on a V8.  
Is that close enough to give me a good reading?  It seems to me that most of 
the ones I've seen were closer to the engine than where mine is.  Just a 
note: I installed an aftermarket Holley system and am still playing with it.  
It's a 3 wire sensor.  Does the position sound about right to you guys?
   Also, would ignition timing affect the O2 sensor and thus the A/F ration?  
What about heavy towing?
   Obviously I'm a little new to the world of do-it-yourself EFI, so bear 
with me here while I try to come up to something resembling 'speed'. :)

Chris
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