Upstream flow restrictions, of course, subtract from the NSPH available (NPSHA) for the pump. But there's another consideration -- fluid energy (and head is simply a matter of the energy available per pound of fluid) is in short supply at nearly all pump suctions. And simply keeping the NPSHA above the pumps NPSHR (required) is not sufficient -- NPSHR, quoted where the head falls off in a pump suppression test, is where the pump inlet is so blocked with vapor that the pump suction is effectively occluded. Well before this, cavitation exists, and its potential for damage is there.
In tests I performed in the 80's with suction viewports, to supress cavitation took NPSH levels 3 times that at head fall-off.
Further, in the discussion of flow straightening, without agressive flow straightening techniques (honeycombs, etc.) typical length requirements are closer to 40 diameters of upstream pipe. I have performed tests with flow-traversing pitot tubes, where agressive flow straightening vanes and honeycombs were used (.18 in cells in a 12 inch inlet), and it 5D was nowhere near enough to smooth out the velocity profile.
So, in short, if you can avoid it, put the meter at the discharge where fluid energy is high instead of at the suction where energy is in short supply -- the risk of less than satisfactory suction performance and/or cavitation damage is greater there. But simply doing some pressure drop calcs and assuming that because NPSHA is greater than NPSHR, everything is OK could give you a nasty surprise.