The general consensus that I've come to understand is that for every inch of downpipe diameter, the wideband should be 1 foot away from the beginning of said downpipe. (i.e. 3" pipe should have a wideband 3 feet away from the turbo exit)
This isn't set in stone and you have some wiggle room, but the risk is that if the wideband is too close to the turbo exit it can get too hot and fail to operate properly. When I had the ct26 on my car, I tried the bung that came with the downpipe, and it worked, but it freaked me out that I might damage the engine if I didn't get it to where it should be. I now have the wideband lower, about where the the transmission and engine meet. Angle of the wideband is also something that needs to be though of- have the wires coming out vertically, otherwise water can collect and corrode the sensor.
lots of info, hope some of it helps!