Yes, that arrangement will kinda sorta work OK if the fill line is plugged after filling.
Issues:
1. If you don't plug the fill line, it will be a siphon arrangement.
2. With the advised plugging, the vent will work OK flying right side up, the vent will be "dry," allowing atmospheric pressure above the fuel.
3. Flying inverted, the vent will be "wet," sitting in the fuel. In that case, air that enters will bubble in, which requires slightly more suction, influencing the mix lean to a greater or lesser extent.
4. Typical designs either have a dry vent both upright and inverted (standard Perfect) or a wet vent all the time (uniflow.)