Sure, it can be added. The factory chose to have it also protect the wiring to the panel and parking lights (everything controlled by that leg of the headlight switch), and while I've never had a short in those areas, I think there is still something to be said for that. They used the panel light switch as a tie point to join the wires to the tail, dash and parking lights, which is both convenient and means no changes to the wiring harness are needed. So that's the way I plan to go, when I get around to adding it to TS13571L.
But it's up to you if you want to locate the fuse somewhere else. You can run longer wires and still connect to the harness behind the instrument panel, or cut into the harness and splice into the red wire more or less anywhere you would like.
I'll put mine behind the panel, but probably use a plastic fuse holder and just let it hang on the wires. My previous TR3A had one of those AMCO oversize shift knobs, and I had a tendency to rub the edge of the dash when I shifted to 3rd gear. Never noticed it hurting my hand, but rubbing on that metal clip eventually scratched the finish on my driving gloves.