Not the most efficient as you mentioned but with the right set of gaskets it seems like it would work. If you swapped one way and the water jacket and ports lined up pretty close, it would seem you could do the same in reverse. Have I ever done it? "No." That is out of my comfort zone. I have Mickey Moused some things on cars over the years to "make it work", but even if the car ran just a little inefficient, it would just rub me the wrong way.