Hello David
In principle, there's no reason why you can't put the bypass valve on the right. Make sure there's a decent balance pipe between the two tanks.
The bypass valve needs to be connected to the axle pump only; if you connect it to the hand pump, you'll find that you'll be pumping away with the hand pump at some point, wondering why the water level isn't going up. And yes, I did, on one of my locos; I had to devise a Cunning Valve Affair so that it didn't happen again…