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It doesn't actually matter where you stay when you are staying here for 1 day. In case you want to stay near Beach, stay near Juhu. In case you want to party, stay near Bandra. If you want to shell out less money, stay in Thane & Mulund area.
Regarding a Day Trip, suggest you take a Mumbai Darshan Bus. It's available mainly in Dadar / Borivali / CST. They would take you to almost 10-15 places. They normally charge around Rs 400-500 per person for the entire day trip. That would help you to see the major sights in Mumbai.
You can also check online for various sites:
Make My Trip : https:/…22-02-2018
Hope that helps.
Thank you so much, very helpful