Sure, that would work. You'd also need the disc drive, power supply, hard drive, heat sink and fan. These components are made to fit perfectly inside the PS4 case and there is basically no room to move them or rearrange them. If you had some custom ribbon cables and other cables made you could to that but it would be difficult. Custom cases for these are very hard to make because PS4's are made to fit perfectly together with no room for moving anything.

Hope this helps.