The two ends would still be on the links to the body...and you'd swing the bar back towards the spare well?
That seems like a reasonble solution...I suppose the only issues are the ability of the axle attachment scheme to resist the torque loads and not rattle as the axle rocks, etc., and when disco'd to miss the exhaust on the drivers side, hit thew shock/springs, and to not accidentally come unclipped and act as an anchor over obstacles.
It wouldn't work with the spare, as the bar would be in a position to hang up going over things...but w/o a tire in the way...it should be cool.

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- TJ
2001 Xterra '03 VG33, SE 5 spd, 305/70/16's, Revolvers, UBSkidderz, Doubled AAL's, 3"SL/2"BL, winch/bumpers, skids, sliders, OBA, Snorkel, pine stripes....
Friends don't let friends drive stock.
http://www.gifsoup.com/view/501230/tj-tackling-crawlers-ridge-o.gif