[Plugin: W3 Total Cache] Moving wp-content folder outside of wordpress root

I would like to make the directory structure of my wp install look like this.

/www/wordpress
/www/wp-content

instead of

/www/wordpress
/www/wordpress/wp-content

However when I do this the “Minify” part of the plugin does not work. I used these configurations and everything else seems to work.

define (‘WP_CONTENT_DIR’,’/www/wp-content’);
define (‘WP_CONTENT_URL’,’http://www.oursite.com/libs’);
define( ‘WP_PLUGIN_DIR’, ‘/www/wp-content/plugins’ );
define( ‘WP_PLUGIN_URL’, ‘http://www.oursite.com/libs/plugins’);

Is this something that should work?

http://wordpress.org/extend/plugins/w3-total-cache/