I don't see any major flaws in your reasoning. Will there be room for a neck strap for the camera?
Depending on the build, the weight of the camera might deform the soft bottom and make it more "torpedo-like". I would explore cutting out a "D" shaped bit of hard board and cover it with cloth or felt to keep the shape of the case if it is indeed made of a soft, non-reinforced material.
Of course, carrying a 645 in a nose-down position, inside of a cylinder, will require you to lock the shutter release unless you never wind-on after each shot. That shutter release on the top of the camera body makes great pictures of feet and bag bottoms when grabbed in a hurry!
I used a padded wine bottle pouch for a similar Pentax 645NII setup.
Worked fine.
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