I would like to do that as it would maximise the clearance in front of the engine, but it looks to me like the water gallery behind that (in the block) might be a bit too small for sufficient water flow?
The water pumps have a cavity about a centimetre thick to allow the water to flow through, where as the cavity in the block is only a few millimetres deep at most.
That would be the ideal solution though, I will take another look at it when I get home.