There are a number of ways to do it, no matter what you need: --MAF (90mm Lightning, 80mm Cobra, 05+Mustang Cartridge style, etc.) --Transfer Function for your particular MAF (volts vs airflow curve) --ECU Definition Files --as well as possibly an airflow straightener and flexible hose between the maf and turbo.
The F3 option will allow you to run the car, watch the wideband gauge to see what the air/fuel ratio is doing, then go back to your computer and burn a new tune on the chip, and plug it in and go for another drive. Kind of "clunky" but is a cheaper option that many people have used with success (including myself).
This option does realtime tuning (engine running) as well as realtime datalogging of all parameters. This is certainly the best "stock ecu" option going right now. Should make the tuning process a lot less time consuming but is more expensive than the F3 option.
Last thing you need is some knowledge of what turbo engines need as far as timing, fueling, etc. is concerned.
It doesn't particularly matter "where" you put the meter. It just needs to have airflow straighteners if it's a draw-thru (pre turbo) setup. You can put it in the fender, where the stock vam sits, behind the foglight, etc. If it's blow-thru, it just goes in the intercooler tubing post intercooler somewhere in a straight section of pipe.
That's not something I can decide for you. They are completely different and one is certainly much more capable and much easier to tune with but both will work if the person tuning it understands how to use it and knows what the engine needs.