Modifications would need to be made for this kind of repurposing, naturally, but none seem particularly complicated. I agree the added pressure of the sheer volume would probably be enough to reasonably assume it may not work, but it need not remain it's current diameter and could easily support more length. The 510 pin on the squonker need not be any longer, or drastically redesigned, and nothing says the delivery system has to carry any load since it's entirely separate from the circuit. A modified version of the Lift could very easily use a non-conductive version of its delivery... tube(?)/510 extension that pressure fits to the squonk pin, and wouldn't need much more than a simple o-ring to make a seal.
Just brainstorming.
I'm saying that there would be two ways to go at this:
1) put this thing on a squonk mod and change the 510 pin on the bottom to a BF pin so that you could refill the tank from a squonk bottle in the same way that the fluid is pulled up from the tank
2) extend the tank so that it has a reservoir as large as a squonk bottle
The problems are: 1) doesn't look like enough negative pressure could be maintained to draw fluid from the squonk bottle all the way to the deck, and you have to figure out how to feed the liquid into the tank through the walls of the column 2) the tank would be large, complicated, expensive, and supplying a current to fire the coil would also be complicated and expensive.