That's how it should be mounted. It mounts like that on a 292 as well.
Here is the normal set-up:
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And from the GM parts manual:
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Notice also, that these engines don't use a push rod between the cam and the fuel pump actuating arm. The face of the arm rides directly on the cam lobe and is reinforced:
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Can it be installed either way?
I'm not sure but, I would say no. Even though it will bolt up if installed with the fittings on the bottom, will the arm be positioned correctly - in relation to the cam lobe? I don't know.