Overflow tank should not be a problem. As the pressure increases it will push the coolant into the reservoir. As it cools, it will suck it back into the radiator. Elevation of components shouldn't change drastically enough to cause any issues.
But you may need to do something about the filler neck. Ideally you want the filler neck to be the highest point in the system.
Assuming that you go with an all metal radiator, you can either
- weld/braze/solder on a new extended neck directly onto the radiator
- or weld/braze/solder a cover where the original cap went and use an inline filler neck in your upper radiator hose
Something like Dodge used (
http://www.napaonline.com/Catalog/Ca...747_0361094973 or
http://www.napaonline.com/Catalog/Ca...8K1_0383531441) or something universal from a hotrod shop.