Place the propane detector in the lowest part of the area you are going to protect. You are correct that propane will settle in the lowest spot.
The carbon monoxide detectors should be placed near gas fired appliances, but no closer than 5 feet to avoid false alarms. Mount them on the ceiling. CO levels as low as 400PPm can kill ya after a few hours of inhalation.
Install a few smoke dectors too. They are cheap and worth the extra few bucks. I would suggest one detector be an Ion type detector and one be a photoelectric type detector. One will detect the smaller particles of smoke than the other and cover both fast and slow growth fires. Place the smoke detector near the center of the area you are wanting to protect. Dont place it close to a wall and ceiling meeting place. Finally, dont install any of the detectors, smoke or CO near any air conditioning vents that could blow the smoke or CO away. Detectors placed near return air ducts (suction side) are ok since they draw the smoke laden air toward them.
Don~