I think it would work in general except you might have problems with it being noisy. Also, for a given amount of flow I think overflow boxes can do a better job of skimming off the thin film of scum that forms on the surface of the water. If you just do a bulkhead, I'd consider putting an elbow on the inside (slip fit) and then the strainer, that way you can rotate it to adjust the water level a bit. I'm sure other people out there have come up with better ideas of what to use on the inside of the tank that would be quieter than just the strainer.
Larry