No matter how many indexes you create in relation to, only one of them will be used in a particular query (which depends on the query, statistics, etc.). Therefore, in your case, you will not get the cumulative advantage of creating two indexes on the same column. To get maximum performance from the index, I would suggest using a composite index (location, timestamp).
Please note that queries like this ... WHERE timestamp BETWEEN smth AND smthwill not use the index above, while queries like ... WHERE location = 'smth'or ... WHERE location = 'smth' AND timestamp BETWEEN smth AND smthwill. This is because the first attribute in the index is crucial for searching and sorting.
Do not forget to run
ANALYZE;
.