@OP
Does your case have any other exhaust fans? If the answer is no, then set the PSU upright so that it takes in air from inside the case and exhausts it out.
On the other hand if your case already has one or two exhaust fans already you could try placing the PSU upside-down and get better cooling for the PSU. [Assuming there is sufficient space between the bottom of the case and the floor].
Come to think of it, if the Case is standing on the floor, you're going to clog the PSU fans easily with dust and that can damage it too.
In conclusion,
I'd say upright would be better
Regards
KingArcher