Is it ok fit a EGT sensor on the down pipe rather than the manifold?

The closer to the manifold the better,else you'd get slightly colder readings I'd have thought?
 
I did this on mine... reads 100deg or so less (based on when it was fitted in the manifold)... egt protection was the issue on mine as the probe was in a hotter are a than in the k04 and was hitting egt protection all the time and at the time we weren't sure where the value was in the map to tweak accordingly...

Lots of theory as to position but just need to be aware of the temp difference relevant to position... not always practical to fit a probe in the 'best' place...

Mine reads about 700/750 which is 800/900 @ Turbo

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