Yes, it is suppose to be out front, it only needs the Y (translation of the "Balance INSTALL" bone) and X (scale of the "Balance INSTALL" bone). It's a visual target that positions other hidden bones in the rig as well. It will get repositioned after you export the model from an action. The null has a translate limit that doesn't allow Y translation in the action when exporting, so it needs the Y translation when positioning the rig. The X translation positions other bones.
So, don't worry about it, the Z translation is taken care of in the action when exporting.
I would recommend redoing the leg install, you have bones out of position (thigh too high, knee too low and maybe ankle too low as well).