Well, eight months later, we finally made it happen! (It was kind of low on my priority list. Plus, winter in Michigan isn't the ideal time to be installing anything outdoors.)
I decided to put it along the Rail Trail that begins in our town. There are lots of people that will walk or bike past it, and you can see it from the road that crosses there. It should hopefully get lots of visitors. (In fact, I checked on it two days after installation, and there were already four books gone!)
I wanted a Little Free Library since I first heard about them several years ago, and I'm so excited that it has finally happened!