Temps / airflow would bother me most with a non-case install. Cases are designed to ensure no dead spots for airflow. Upside down is less stressful then vertical when it comes to heatsinks on the CPU and video cards torquing the MB pcb.
It sounds like you have airflow covered. A lot of hot parts on the MB do not have temp monitoring and do not have anything active to cool them, so try to leave enough space (or drive enough ariflow) that you are sure your parts are running cool enough. (stock intel cooler will help you, it's designed to blow air down and across the MB rather than just in a stream above the MB like some aftermarket units).
re" "..exhaust out the back - i have a holesaw for that bit. .." Strongly suggest fans for...