My experience, I'd put something there while your blind isn't.
You're in for some long sits that can get very frustrating on blinds that haven't been set up.
Sure many does and some smaller bucks will come in the first day, but I can guarentee any decent buck will not come in the first day or so unless it's hotter than you know what, and you are on the only water source around.
There is nothing more frustrating than waiting on that buck, and watching him from 100yds out decide your waterhole isn't the one he wants to drink from because of the new blind.
I should add if you can find a water source with a windmill on it, or some sort of structure for cattle, I'd place it there.
Sounds like you're hunting one of the walk in areas.