BioMax
+1y
There isn't any reason why you can't run the bag on the bar, but you do need to make sure that the bag is as close to the rearend as you can get it.
The mechanical limitations of the sleve bag, compared to the double convoluted bags is about half. A sleve bag can be angled as much as 15 deg (top to bottom mount) and 1/2" off center from each other. To be safe, just squeeze the bag while partially inflated and make sure that you can't feel the lower mount rubbing on the inside of the bag.
As for travel limiters, If you make sure that the bag will never botom completely out on itself (ie. make sure the rearend hits the frame first) and use a shock that slightly limits the travel at full lift, there should be no issues of mechanically destroying the bag.