Yeah that would work. Only problem is you're going to loose a degree of critters as they get pureed in the return pump. One of the advantages to a fuge is providing an endless supply of natural food to the display (pods, worms, ministars, etc.). In a perfect world, the fuge would sit above the main display. Water would be pumped into the refugium and returned to the tank via gravity, saving all those critters from the wrath of the impeller.
If this isn't possible, you can do it the way you suggest. You'll still get the benefits of nutrient export and increased plankton that a refugium provides.