yea it'll work. You may need to put something on the 5V rail as well to pull a bit of load and make PSU give a full 12V. Just stick a DMM probe into the 12V molex and see.
Another option would be to get a 172W pelt instead of the 226; the 172s are rated up to 24V. The Meanwell can be adjusted +/- 10% so 21.6V minimum.
I must advise against putting pelt psu into the case; they get pretty hot and will noticeably raise case temp in their vicinity. In this respect the ATX PSU may be a better choice I guess.
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