Calculatron :
Yep, that's good. You may also face it so the fan is exhausting towards the top.
yep. just know some heatpipes on some coolers only work in certain orientations. so facing it up may result in 5C-10C worse performance for your cpu cooler. I don't have a list of which coolers don't work in that orientation so it would be a toss of the dice really.
Personally i loved my thermalright ultra 120 pointed up toward the top vent. stuck two fans on it in push pull, and another fan on top... created one hell of a wind tunnel effect in that case... sucked air right out, created some incredible airflow.