why do you think it wouldn't work?  is it something to do with the ground?  like i said i don't know a lot about wiring, but i think the ground would be fine.  the way i'm thinking is that i splice all the ports into the 36 pin cable inside the CP and then inside the PC i wire directly from the 36 pin cable to each of the respective ports.  essentially the 36 pin cable just carries the signals...
i want to stay away from just using extension cables for each of the ports because that'd be at least 3 cables running between the CP and PC.  even with shrink wrap or loom i think 1 cable would look better, plus the separate extension cables would be more expensive =P