On an independent the steering links move up and down with the control arms in the same arc as the control arms the center link or the rack acting as the pivot point.

With the setup you are talking about every time the axle moved up or down the toe in will change.
Also to hang it up where you intend will cause the tie rods to be set at a fairly severe angle between the rack and the steering arm with further complicates things

This would not only cause excessive tire wear but most likely would cause some bad handling problems.

48 Chevy 3100 going back together with a 292 six and AX15 five speed.