I've seen it done lots of times. A common misconception in this hobby is that you need rock in the system for filtration. That is not true. Anything used in the system can and will have bacteria growth on it that will aid in the cycle. Rock just allows for a larger area to be used. A ceramic structure will do the same exact thing as will the eggcrate, though to a lesser degree as there is less surface area. Many frag systems are run this way, with little to no rock, while frag plugs and racks take up the slack.