yes, I had it mounted very low on the blades of the fork. In my experiences, this has not caused any problems such as those suggested by freako. In the rain, for instance, using my headlight actually hurts my vision as the light from the headlamp is reflected off of the wet surfaces (and atmospheric moisture/fog) and back to my eyes. The light mounted low seems to work best in this situation ( a la foglights).
Many other randonneurs use similar setups, but with generator powered lights, as freako suggested.

But as with all posts, your mileage may vary and I'm sure that untill you find out for yourself what works best, just as I and Freako have. Just wanted to put it out there as something to try.