On my 73 2L it was relocated up behind the steering rack & protected by the rack pan in 1977 per Porsche's reccos, by my factory trained independent 914 mechanic. This was preferable to locating under the fuel tank, because the pre-75 didn't have the access hatch/opening in the front trunk bulkhead to get at it if something went wrong.
However, it still ties in easily with the OE fuel lines from the tank to the tunnel, although they wired the new electrical under the passenger side rocker panel (no tubing unless AC), then along the floor pan seam, to under the steering rack cover pan. I'll relocate it to the tunnel in my shell/frame up resto though, along with new SS fuel lines (you should also consider the latter from Tangerine Racing - a vendor on here).
Mine is still the D-jet, but carbs or EFI - you'll want the fuel pump accessible & the steering rack cover is a heck of alot easier to remove than the fuel tank.
AA sells a complete kit & instructions for FP relo, but I don't know where they recco putting it, although I assume the kit works for the steering rack well/inset location in any case. BTW - they have the rubber isolators that Murray/me733 is talking about above.
I think that someone here probably has the Porsche Service Bulletin for the 70-74 fuel pump relocation that maybe they could post the pages for you. Maybe Jeff Bowlsby??
Here's a pic of mine (yup - dirty after DD use 75-85 & in my garage 85-now), & th lines are accessed thru the factory hole for the fuel filter changes in 2nd pic -
Click to view attachmentClick to view attachmentHope this helps!