The only issue I could see would be the size of the ARB filter in that area (most who do it that way just terminate the tube with the original one way valve from the differential). If you can get the filter to fit in the area then yes it is a good idea, but I think it will really crowd the area especially if you are running a secondary breather line for the locker. As an FYI I have heard from several people after this posting that there is enough line to make two runs to the engine compartment just make sure you measure carefully as there won't be much excess to work with. Good luck with the install!
I am actually doing the mod tonight with OEM parts. I thought I would just clarify one thing as to reduce confusion for anyone. It's a 2-way breather, not a 1 way.