That is viable, though not preferred. In order to keep the receiver nearly empty, the bottom would need to be at the fluid level of the main tank placing it at or near the height of the hydrostatic bearing. This brings to mind skipping the receiver tank altogether. The receiver is needed...
I am designing a hydraulic system. The main pump supplies light hydraulic fluid (24 LPM of Mobil Velocite 4) to hydrostatic bearings 10 meters from the main pump/reservoir.
I need to have a tank at the bearings to receive the oil as it drains, and in the event of a power failure, contain oil...
INA may have what your looking for all developed. http://www.ina-dam.de/en/sub.php?page=16 Thier main web page is impossible, but the link above should get you there (will these huge companies ever get a clue as to what the engineers need).
Read the descriptions carefully. They do have inside...