Same stove, we have our thermostat, Upgraded to a digital setback type, mounted in the living room about 6-8 Feet away from the duct that is is piped into. Our stove is in the basement also.
it will have a slight lag time, since it takes a while to get the stoves up to temperature once you drop below the actual setpoint.
The closer it is to the stove, the faster it will be to satisfy and you may not get as much hot air movement upstairs or it will cycle on/off alot.
make sure you block off the front vent if you want more air to go up the plenum.