The only problem with this is it makes the dipstick a pain in the arse to get to. I initially did it this way, but got the shits, cause I check my oil daily.
Getting new hose (not braided, but then again, I'm not a bling king, and I'm not running stupid pressure through it) cost me $30, including the 4 hose clamps that i needed.
Edit: Noticed that you're using an OX-03 filter in there as well, the relocation kit is actually designed to take an OX-02, slightly bigger.