Matt, since the cooler would be facing the wrong way for airflow, you'd have to create a metal air diverter. But, I think the greatest problem is the danger of punching a hole in the cooler, coating your rear tire or/and grenading the motor.
Mounted to the front of the rear fender, possibly. Mounted atop the rear fender (Egli-style), effective but ugly. Mounted underneath a low engine... too potentially scarey to be priceless. Just MHO, of course. RR