I can see some benefits in (neatly) relocating a small alternator behind the cylinder block, as has been done on both custom bikes and many modern Jap bikes over the last 20 years or so.
By blanking off the alternator cover you can lean the bike over much further, there's less chance of holing the cover and dumping out all your oil in a minor "get off", and the added benefit of fitting a more powerful alternator is a good thing, particularly with the silly "Lights On" laws in the US.
Rather than go "Redneck Express" on it though, use a couple of nice toothed pulleys and Gates belts, nice alloy bracketry, and a nice alloy blanking off plate, belt guard etc.
Hell, if you do it nicely, you might be able to sell a few to like minded members here. (I'd buy one) I personally don't like the Cyclex external alternator, it looks too exposed and prone to damage in a minor crash. Cheers, Terry.