... with the hook hidden  inside the slot instead of out of the back ?

NO~ but it would be about the same as putting a TRD on a Ned rig backwards or sideways it wouldn't make any difference to a bass, he'd still eat it. I mean look at wacky rig, who did that! I hooked  a 6" lizard wacky style and caught a bass on the first cast just to prove something to a guy. I called it a "lacky". I've caught bass on just a hook.

No, but I'm sure it would work. I'm thinking it may make it top heavy and better for a drop rather than a faster swimming action,  but probably not enough difference to matter. One way to find out. Some MD striped bass guys fish them upside down on jig heads, but they tend to do a bunch of superfluous stuff.

I do it all the time. Catches fish. Just like right side up. 
 

Usually I do it when I’m not paying attention, then I notice it when I caught something and am re-rigging. 

Great technique if you want to rip it across the surface like a fleeing baitfish!

1 hour ago, huZZah said:

I do it all the time.

 

   Ditto.

   I started rigging it that way because I thought the hookset might be easier. It's not. But it can, if you're careful, make the rig more weedless. That's important to me.               jj

Everyone throws super flukes here.  Sometimes I rig them sideways to get a different look.

never tried it doesn't sound like it would work

but I do fish flukes all the time

I have done it a handful of times to try new I think might have caught one fish so far.  I need to try it again.  Fluke one of my favorite baits in the soft plastic category. 

Zoom Super Flukes are one of my favorite soft plastics to fish with.