That will work. I guarantee it.
The only problem you will get is that you will have to clean your system very often because of the dust, and...please don't touch the system with your bare hands when it is on...:D
It will be electrifying..literally...:D
BTW : I did that about 10 years ago to save some money from buying a case (as I was still at the university, sope...I have to save every penny I can).
I took a used metal plate for the base, which I found accidentally on the park (yes on the park during late night walk, geez...what the hell are people thinking throwing those junks in the park)...hehehe..painted it, drill some holes for the screws...voila...ready to used...:D