On my truck, the ground strap was on top of the frame like you have it shown. But put the bolt in from the top and the nut on the bottom. That way, if by chance the nut comes off, at least gravity will keep the bolt in place and the strap won't fall off. Also, that same bolt holds a clamp for the positive cable going to the starter. As far as keeping the strap shiny, I sure don't know of anything. I think they're available tin plated, which holds off discoloration for a while. There's a picture in THIS POST of when I was disassembling my truck.
Kevin 1951 Chevy 3100 work truck Follow this saga in Project Journal Photos 1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car) Busting rust since the mid-60's If you're smart enough to take it apart, you darn well better be smart enough to put it back together.