wp theme folder outside the wp directory

So – working on a new personal site, I have all my non-wp files outside the wp directory, and all my theme files in the normal spot within wp-content. On my home page (outside the wp structure) I was able to easily pull in a few recent excerpts just by:

<?php require('../wordpress/wp-blog-header.php'); ?>

and running a modified loop sequence.

So it makes me wonder – why split up markup content at all?

I would like to locate my theme folder outside the wordpress directory (just by reason of organization) – is this possible? would doing so create problems?

My guess is there are just a few internal path variables that need to be adjusted and it would work fine…

Thoughts?