I wouldn't trust it.
The fades on an ASL bend some even though it is sandwiched between lams or between fiberglass and the lams. Putting the riser completely outside the fiberglass would likely result in it popping off. Maybe not immediately - smooth on is some tough stuff - but eventually you'd run into problems.
You can always use clear glass with no belly lam - the riser lays on the belly side of all the lams with only the clear fiberglass running up the fades.