In the design studio, in the edit mode, change the html code associated with the template. Look for the html code line associated with 'view online' link. In the <td> tag right above it change the code align="center" to align = "left" or right depending upon the location you may like. You can even move this tag line to the bottom of the page if that is where you want to display the view online link.
<td valign="left" align="center"align="left" style="padding:12px 0 5px 0;color:#a7a9ac;font-family:Arial, Verdana, Tahoma;font-size:11px;">
<a href="[SHOWEMAIL]" style="color:#006ad1;">
<span name="Show Mail Text" >View Online</span>
</a>
</td>
You can always make the change to html code and immediately preview it in the next tab and then go make the changes to the code based on the trial and error method.
Hope this helps!
Thanks & Regards,
Vaishali