I have no personal experience doing this, however the feedback I have gotten is that it will work with no obvious performance issues. Essentially the Tee assembly is on the outside of the aquarium and the street-ell is on the inside of the aquarium. Some items to consider:

  1. The bulkhead should be the same size of the plumbing such as 1¼ or 1½ PVC, it should not be a restriction. One inch bulkheads may be considered to restrictive (not enough data to confirm).
  2. A surface skimmer (overflow) is still recommended to help keep critters out of the standpipe and reduce the amount of water than can drain in a power outage.