I just bought the same tower and installed it last weekend. Haven't had a chance to use it yet, but I'm itching. . .
Anyway, I don't think it makes a huge difference how far back the tower is mounted. I would think, the further forward it is, the easier the boat will plane because of the angle of tension on the rope (that's my 9th grade physics kicking in

). On the same hand, with it further back, you may get a slightly larger wake which is what you're looking for anyway, right?
As far as folding, it's pretty cleverly designed so that when you take the two allen screws out of the top piece (the one with the tow point), the front legs fold down, so it actually folds very flat, very fast.
Have fun!