I think the people who have responded know what you're asking, and have answered. But unless we've all misunderstood what you were asking, the link you've provided is not what you're talking about. The pic you've linked is a from-above pic of a horizontal straight-pattern hoke 1300 needle valve. From a frontal view, that valve would be coming straight toward you. It's just coming out of the regulator from a 7 or 8 o'clock position on the regulator body, and then turning forward. The handle of that valve is still pointing straight up.
Yes, you can do it. Yes, it will work fine. Whether you prefer the handle of a straight-pattern valve to be pointing up, or forward, is your call.
There are adapters that have male 1/8" NPT on one end and female 1/4" NPT on the other end, available for just a few bucks shipped from Evilbay. So the fitting will only add maybe 1" toward whatever direction you like.
After the valve, you can go with a barb or compression fitting, or an elbow with a barb or compression fitting in whatever direction you'd like.