Yes you could. Personally I prefer to see the venturi above the oil level in the tank. That way, if you forget to close valves, oil won't find it's way to places it shouldn't be.
Then there's the old chestnut about vertical vs. horizontal mounting of the venturi, there have been several threads on that subject! With a good venturi, I don't think Grahams original layout will work too well without a jet breaker™.