Where to build FP
Time considerations:
1. It's big. You want to start as soon as reasonable because it's gonna take a while. Also, the farther away you try to build it, the mor difficult it becomes to do so because of "distance" corruption (C:d). Of course, a Great Leader would obviate both of these.
2. The empire-wide reduction in "rank" corruption (C:r) from raising the OCN by 37.5% of its base value. While probably not essential for your first 5 or so core cities, it is essential later on. Assume Regent, Republic, Std map: OCN = 20. In your fourth non-capital city (your fifth overall), C:r = 10%; in the eighth, it is 20%. Reducing C:r in the fouth city is a minor concern, but doing so for your eighth city is very important. While benefits accrue no matter how early you build it, you'd really like to have the FP up by the time your eighth or tenth city hits size 6 or 7.
3. In the early game, even small resource gains can yield huge advantages over the AI. Reducing corruption as soon as possible means more commerce and shields in the Ancient Age - and that always helps.
Distance considerations:
1. The farther away it is, the more benefit you get from lowering C:d.
2. The farther away it is, the more benefit you get from the 70% "corruption immunity" that the FP confers on the city where it is built.
HOWEVER, even for the cities closest to the FP, the reduction in C:r will be three to five times larger than the reduction in C:d!
I think the answer is: build it as soon as you can. If you can't rush it, pick your most productive city that is not too close to the capital (2d ring, probably), preferably in the direction you are expanding (to maximise future C:d benefits). Ideally, this would be an early-founded city. Advice: if you have 'backfill' city locations that are closer to the capital than this FP city, don't found them until the FP is completed - no point making C:r any worse than it is already.
If you can rush it, put it about 15-20 tiles from your capital (3rd ring or more) along the axis of your expansion, in a city with a very nice natural resource endowment to get the most benefit frm the 70% reduction. The distance depends on OCN (map size, mostly) and also on the shape or your empire. If your empire is long and thin, put the FP farther from the palace. If your empire is more circular, you'll want tho FP closer. This is because you don't want the C:d benefits to the surrounding cities to be swamped by too-high C:r.