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I just got a 5495 installed over the weekend and was debating weather to add the camera. I think the license plate frame would work the best. There might even be frames for sale that are designed to hold back up cameras.
The back up light is a very cool place for the camera. The electrical part and drilling the lens scared me a bit. I didn't want to have to deal with soldering or rewiring the LED's.
I mounted mine in the license plate. I originally cut a hole in the "dash" of the number but later moved it up in line with the license mounting screws because I went to a vanity plate. The camera is "shaded" by the bumper slightly now. There is a black shadow in the top of the picture.
The plumbing dodad (dressler coupling) is what I used to hold the camera in place. The big knobbby part went back behind the bumper and pointed toward the front of the car. When you tighten it down there was a rubber crush washer that clamped around the camera. The other end was threaded and I used an electrical fitting nut to hold it in place.
I drilled a 3/4" hole thru the backup light plate with a spade drill and let the pointy tip go into the bumper while the backup light bracket was still on the car. Then I removed the backup light bracket and chased the hole I left with the point of the 3/4" drill with a 1 1/4" drill for the camera mount plumbing dodad. Spade drills work fine in the plastic.
I mounted my camera thru the third brake light, using GBvette's instructions. I highly recommend using a drill press with a Forstner bit and a Drimmel tool. I also ordered a spare third brake light and did the mod on the spare, just in case it didn't work out or if I wanted to de-mod the vette.