Oh yeah of course, you can mount it in its original location, again using a similar hose you have there now for the filter, but a more durable one from Roose. You simply buy this one and mount a MAF pipe and filter on the end.

I just have mine there, well for obvious reasons really

You don't need to loose the dump valve, its just dated, done, frowned upon! Plus a recirc. valve works well on the engine, doesn't stall at times. I run a Turbosmart recirculating valve, a bit expensive for what it is, but works a treat