Elfen said:

. . . can you rig up a cable to run from the socket to the add-on board and put that add-on board else where, like next to or on top of the hard drive?

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Short answer: no

Long answer: even at 16MHz, high speed signalling would be problematic. There's a thread over on 'fritter about my quest to hack a 1400/G3 Accelerator into a Duo. Dr. Bob's running commentary in the back and forth amounts to an excellent tutorial on the subject.