Where do you want the oil residue?
I looked at doing just that. Then decided it would work best for me on it's side as I have a Pitts style muffler for my 1.08. I would have had to use a smaller engine mount as well to keep the thrust line correct.
It's easy to do. Just pop out the blind nuts and dowel the holes. Drill new holes for the mount and viola.
Watch the thrust line, and check how far above the tank your carb will be. If it's more than 1/4" you may want to install a pump. That would also let you mount the tank over the CG.
Best of luck, Happy building!
Scott H.