I built my first flying wing combat plane in 1953, and used my K&B 29 on it. That tank sat in the open atop the motor bearers behind the engine. A couple of years later, I put a toilet tissue roll inside the wing of a modified Nobody, and used a pen bladder as my tank. By then, I had two K&B 35s for combat. The vertical location of that tank would've made no difference, but the engine sat right there against the LE, so there was hardly any "nose" anyway.
I had gotten tired of digging mud out of the engine's cooling fins from inverted flight too close to the ground, and mounted my Torps sideways. I was still only about 15 or 16 then, and loved flying very fast with a very highly maneuverable model. However, when I was a HS sophomore, I acquired a Bill Elliott P40 Black Tiger stunter with a Fox 29 on it and spent the summer of 1956 learning the last AMA pattern before the current one. I learned to love the sound of a Fox in it 4-2-4 song, and although I still flew faster than modern stunt pilots do now, that was just the way that Don Still was flying, and I saw him doing patterns before I saw George A.
I tried to fly the same way Don did. But for pure adrenaline, I stuck to combat planes. I built a couple of Half- Fasts, then some Quickers. I bought a Johnson because that was what Riley used on his, and I modified one of my hard tanks into a pressure tank, because that was what Riley suggested. It was in the wing, and the starting procedure was a lot more difficult than a bladder tank (I was happy when pacifiers became popular later).
These days, I use the OS 25 FX engines as the closest thing to the Fox 36X BBs and early ST G21-35s, in Arrowplanes somewhat larger than Quickers, but just as fast, and still like flying them, but I use a G21-46 in my Chipmunk. I have a 4 1/2 Oz tank in it, that I wish held 5 Ounces. I still have an unbuilt Magnum, for which I've like to have one of ST's V60 engines . .
Good Luck, you'll need it. Ray is quite correct to predict a poor result from what you've described, however.