It would be pretty cool if you could do it. I had a grampian 26, that had its nav lights in the hull like that. They were not on the outside of the hull, it was two perspex (i think) panels, that were either side of the hull, at the bow, with the light bulbs inside the cabin. They were pretty high up on the hull though.
If you get a port fitted let me know how you did it. I wouldnt do it too low though, just incase you hit some debris, while on a tack, and the port is maybe bellow water.