The location is not important to its function, but it must be oriented correctly with the top up. Compressors have an oil sump on the bottom, and it needs to be where gravity keeps most of the oil there.
As for relocating the compressor, be aware its job is to squeeze the refrigerant, and that makes that refrigerant get real hot. That is one half of the requirements for the efficiency of the system. If it is too close to a hot exhaust manifold or heat from the radiator, the refrigerant will be too hot, it will expand, and the compressor will not be able to effectively raise its pressure and temperature as much as it needs to.
If you look at a dozen GM cars from the 1970's, you will find they have the A/C compressor in a different location between years, models, and engine sizes. The designers for different models couldn't agree on anything, yet the A/C systems worked just fine.
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Sunday, January 8th, 2017 AT 2:23 PM