[mark houghton]

That's probably your best bet, though it's pretty close still to the turbo and may get fairly hot from radiant heat but most likely not hot enough to fry the sensor. You could also add a heat sink to it.
Your other option might be to intall the sensor in the oposite end exhaust pipe (passenger side), as close to the body of the muffler as possible to limit the affect of background ambient air affecting the reading. That's where I've installed my AFR gauge sensor and it seems to work fine.