I've got a snub cloak and this fits in place of the c/m.
My question is - where does it go on a transport? If it follows the same rule, does this mean that 5k ers without a c/m cant fit one, or does it go in the "equipment 1" slot?
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It also goes to the CM slot, meaning most of the transports with 4000+ cargo space (or any transport without a CM) can't mount it. You won't be able to use a snub cloak on your transport though as it's not the right type. You need a transport cloak on transports (I believe it's Mk III) and if you use it, cloaking batteries will take your cargo space. It's generally not worth to have a cloak if you wish to trade with the ship, although some people put ~200 cloaking batteries which is enough to get through a system unnoticed or escape a pirate. Overall you'd be losing at least 700 cargo, on top of having a relatively average cargo space (transport cloaks are mostly used on 3600 cargo space ships).