I think it will work if your bag allows the grain to fill thediameter of the pot.
I have just changed from using a ~47cm dia 90l pot with a craftbrewer bag to make 55l batches full volume biab. Need a couple of pulleys to assist the bag hoist but not too bad and the bag handled it no probs.
I didnt use a pump to recirc but would have been no problem to do so. Lift bag gently to avoid redistributing flour. I reckon you would need a false bottom, although you might get away without it it would be less than ideal.
I changed to a malt pipe and recirc, but aside from a little process change there is no diff in efficiency etc.
Edit: I changed cause I like farking around with stuff really.