Originally Posted by bellweatherman
uh, yes it can.
Depends on the bottom profile of the top cap. Some work this way some do not.
OP = there is nothing wrong with the setup you have suggested. Allows you to see how you really want the stem to be positioned. If your unsure take it to your LBS for some ideas. I have a Titus carbon frame set up this way right now because I want to make sure the position is correct before the fork steerer is cut. FSA top cap and compression plug is a real nice one for carbon steerer tubes. Good luck.