This seems workable, though it might get in the way or escape from the hose retainer. And bending the HP hoses 180 degrees means it has an increased chance of failure.
You're already doing this with one hp hose so why now would two be out of the question? Also I've seen it done with spg bottom port bungees up and transmitter top port bungeed down in a similar way to the spg but down. It seems to work well