Koslov,
That's almost exactly what I did for my resevior, except that I used black ABS instead of clear pipe, and added a couple of fittings to make bleeding and pump swap-out easier. One suggestion: you may want to think about a clean-out fitting instead of an end-cap for ease of filling. You can see what I did in this picture:
Sorry I don't have a better closeup of my design, but you get the idea.