Yes, I did that although in my case it was because I was setting 4 modules in a side by side config in a 1u case and there was simply no room left for the PS. It works great.
I have 4 older original N72's with a PS01 in a shabby looking original chassis. I also have 4 spaces left in the newer nicer silk screen rack with a PS02 power supply. If I can put the PS01 in an external box and run a cable into the new chassis to power the old N72 modules I can eliminate the older rack and not have to modify the N72's to work with the higher voltage of the PS02. Does this make sense or anyone have any other ideas?