Well if the Operator is JAR approved in a JAR state and the Ops Man has been derived from JAR-OPS 1 then I'd do what the JAR's say.
Our Ops Manual (JAR(UK)) has the OM or equivalent quote but it also says
....The 'Equivalent Position' can be established by means of:
i) DME distance,
ii) a suitably located NDB or VOR, SRE or PAR fix,
iii) or any other suitable fix that independently establishes the position of
the aircraft.
Additionally:
......Where no outer marker or 'Equivalent Position' exists, the Pilot-in command shall make the decision to continue or abandon the approach before
descending below 1,000ft above the airport on the final approach segment.
which I suppose ties up the ANO bit.
As most runways have a check alt or marker at 4D (about 1300'agl) trying to get down to Circling altitude might be a bit difficult.
I think we are going round in circles now no-pun intended
so I think it's probably legal but I'm not sure ATC would be happy with it. I think you'd struggle to get down to Circ minima due 4D/OM issues. That then places you right on the edge of the 4.2 nm obstacle protection limit when turning base/final. Finally, it's probably not the smartest thing to do in an airliner full of people due to the additional visibility factors.
A4