It can totally be done & I like the "Sanden compressor under the alternator" idea myself. MANY years ago I bought a six pack air cleaner that had been trimmed to clear a factory A/C compressor, so this type of thing has been done for a long time...you wouldn't be the first by any stretch.

I'm no expert on this, but I would suggest you put a lot of consideration into your engine cooling system & keep the motor relatively mild.