Hi Eternal, Problems could include added windage and vibration problems to start with, but if you are a tinkerer like most of us some of the other problems may be solved.
Good luck, its always interesting when people improvise and invent i personally like that aspect of astronomy, you see some clever solutions sometimes.
The mount will not like it at all is a sure bet, rotation around the polar axis on the eq will need the extra counterbalancing but that is obvious, i guess the longitudinal mounting point will be a compromise between C of G and observing practicality.
Little short tube 60mm refractors sometimes go 2nd hand for $$, they do the job to start with.