Hi, Guy.
I'd have it as high as possible, clear of all sails, given the choice.
How long will a set of new batteries last? If more than 12 hours it might be possible to switch the thing on when you raise the mast and forget about it until you've reached your destination. If you do a lot of sailing in the dark it might get expensive!
I never actually PLAN to be sailing at dusk, although it has happened before now, so I need some arrangement that I can turn to in an "emergency" - as stated in my original post.
.....and the best arrangement I've come up with so far is the flashing lantern pulled to the top of the mast with the jib halyard !! Illegal, inefficient and partly obscured by the mast....so....where was I?