Hmmmm. As a crude example that would probably work... but only for the very few elvers that managed to find the lower end of the pipe. Elver pass construction is pretty cheap, couple of hundred quid or so, and I think they often comprise something like a strip of wet astroturf or similar at one or both edges of the weir. Sometimes with some sort of covering to keep off predators.
A number of companies sell pre-fabricated elver passes. As for eels migrating downstream, not really sure a pass is totally necessary, but some sort of screen at the intake to a hydro is probably required.
See
http://www.aquaticcontrol.co.uk/Elve...20Brochure.pdf for a rather better pass design, one seemingly aimed at hydro systems.