I use it in a bag, but now that you mention it... if you have a phos reactor and no phos to worry about, it might not be a bad idea to run carb in the reactor. Although, perhaps maybe not... as carbon works by absorbing DOC's into its pores, whereas phos media bond to phos in water column. Bonding is more efficient with maximized surface exposure, whereas carbon 'sponging up' the DOC's might perform better in a more concentrated pass through, like a bag in a high filter flow....
I'll check with my guy--my boss, a proverbial bottomless pit of aquaria knowledge--and maybe everyone else could weigh in on this...
If you want to play it safe, run it in a bag in a high flow spot, and remove after 4 days max.