I know how to wrap a figure with text and everything.
But where is the best place to put it? On the left? On the right? Any good, reasonable ideas about that would be very much appreciated.
Place it on the left, if the figure is important and you want to draw the attention of the user to it immediately. Place it on the right if you want the user's attention to be drawn to the text first.
Place it in the margin for better typesetting.
I would say: it depends -- but you shouldn't wrap figures at all!
In a twoside document I would basically prefer them to be on the outside but I don't know if there is an automatism in
Unfortunately these considerations involve a lot of "feeling" that isn't easily expressed in algorithms. Therefore it would require a lot of manual work with shifting things around in trial and error. This is the reason why I think that such wrapped figures aren't a thing to be just set by using a package and thinking everything is fine. In my opinion such things should be done by someone who has some (professional) experience in typesetting.