The port will be taking the place of a piece of deck once installed. You want it located in a place that will not see a lot of stress. I think mid way between the tramp post and the transom, or a little aft of mid way, would be best.
Walk through how you are going to do the repair. A 4 inch port is not very big. I excect you won't be able to get more than your forearm through. Enlist the help of a kid or small woman if you need more "reach" inside the hull or, perhaps, do the gudgeon repair before completing the port installation.