I just unzipped sublime_text_3_build_3143_x64.tar.bz2 and have a nice copy of the sublime_text_3 directory in my downloads folder.
Where is the right place to put this file in Centos? Maybe somewhere in /user/local/?
Also do I create a link to the executable or set a Path?
Just looking for favorite (best?) practices.
As has been pointed out in the linked article in the question comments, /opt is preferred by some, and in fact according to this answer, /opt is where you would locate "unbundled packages". Of course, it also goes on to say that these sorts of packages should also package the binary in a bin subfolder, which Sublime does not, for what that's worth.
If you want to follow best practices, that's probably where you should place the folder. If nothing else, I would assume that any Linux OS that has a package manager for doing upgrades is going to stay well clear of /opt based on what it's used for, which will make sure that something untoward can't happen.
As to whether you would create a symlink or add that folder to the path, I'm not so sure. My own personal philosophy is that the PATH isn't something that needs to have an entry for every application that I install.
My own recommendation would be to create a symlink somewhere that's already in the path and you're good to go. The linked article mentions putting the link in /usr/bin. The Filesystem Hierarchy Standard says of this path:
This is the primary directory of executable commands on the system.
I would take from this that this is an acceptable path to put the symlink in.
In the end, it doesn't matter to Sublime where the folder is placed, since it determines the location of the shipped packages based on where it's binary is located, and the configuration information is always in a known place.