Actually, I would suggest replacing the antenna, but it's not necessary unless you can't use fiberglass or bondo.
The roof line just aft of the antenna would be a perfect place for it. You should be able to mount it in such a way that you get a side view of most of the rear corner of the vehicle on both sides, with a 110* camera. You'll want a monitor capable of displaying in widescreen formats, cuz you won't want 110* above the car, most likely, so you'll adjust that part out of the image.
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