There's been plenty of debate over the years on whether to bypass. Many have chosen to bypass.Are you suggesting replacing the PHH the original way is better? Any reason to think the bypass would need to be replaced sooner? If we're talking 10-15 years until the bypass will have to be replaced that sounds alright to me. I like the idea of simplifying the system from two hoses, a metal pipe, and 4 clamps to just one long hose and 2 clamps. But I don't have any personal experience with either way yet.
If you are going to have the valve cover off then the lower tube bolt is more accessible.