Theoretically (sp?) the suspension should work just as normal. It's the steering that is the big issue. Also, having the tie rods out front is just begging for huge (read - UNSAFE!) amounts of bumpsteer. I'll see if I can explain it using pictures. This is a drop axle setup but the principle is the same.
Fig. 1
Fig 2
In both diagrams Green = kingpin, Blue = tie rod end, Yellow = Ackerman angle (or at least the line that creates it)
Basically the ackerman angle is created by drawing a line through the kingpin center and tie rod end center. When you do this on both sides of the car the line should intersect ideally at the center of the rear axle. As you can see in figure 2, with the trailing arms flipped the tie rod end would be ahead and inside of the kingpin causing the ackerman angle to intersect somewhere way out in front of the car. Knowing what the ackerman angle does would probably be some help here. It causes the inside tire in a turn to turn at a smaller radius than the outside tire. If they both turned on the same radius the inside tire would scrub or push making turning very difficult. Flipping the trailing arms effectively reverses this process causing the inside tire to turn at a bigger radius than the outside tire. So if in a panic situation, you were to turn the steering wheel quickly, the car would just slide in the direction you are travelling.
