For everyone who says reversing the fan is a bad idea--have you actually tried it? I've reversed fans on many PSUs of various configurations, and haven't had a single problem with any of them.
For a 120mm fan PSU, there are essentially two options:
1. Reverse the fan and place in the original location. This will absolutely guarantee everything inside gets good airflow. There is so little space inside a 120mm fan PSU that turbulence from the 120mm fan alone will absolutely guarantee everything gets airflow. However, you have to be careful about wires and potentially other stuff being bumped into by the fan blades. Flipping the fan puts the "blade side" of the fan on the inner side--making it just that much more likely to bump into stuff.
or
2. Reverse the fan and place it OUTSIDE the PSU. This places the fan further from the internal components, so there's a risk that some components won't get airflow. However, this frees up a LOT of space and will make the airflow smoother, less restricted, and quieter. With this option, you have enough space to softmount the fan, for even more reduction in noise.
The latter is my preference for custom case builds. My main workstation uses such an external flipped fan:
Single Fan Madness 6:Diskless Elegance
So, my advice on flipping the PSU fan is to just do it.
In contrast, I've killed PSUs by removing the fans altogether. I've done this several times with cheap spare PSUs. They may last a few months, but sooner or later they die. (OTOH, I never did this starting with a good quality PSU.)
Starting with decent PSUs, I've flipped fans and even jury rigged undervolted 80mm fans to 120mm fan PSUs. With just a little fresh cool airflow, they do fine.
I'm skeptical that you can get a pure passive chimney effect strong enough to keep everything cool and reliable--not with a PSU originally designed for fanned operation. If you start off with a fanless PSU and a large tower CPU heatsink, then your configuration definitely WILL work--but the hard drives will be cooking in warm PSU heated air. When you go from the low airflow of an undervolted 80mm fan to the extremely low airflow of totally passive operation, the PSU gets pretty hot and the air lazily flowing from it will also be hot.
From a thermal perspective, the best order would be intake->hard drives->PSU->CPU->exhaust. Unfortunately, this may require really long hard drive cables. Those pesky cables can really ruin an otherwise brilliant layout concept.