You should be able to retain the hydro stuff, but you need to space the slave mount out +8mm or so. I just made longer spacers and got longer bolts. Here is a pic of mine with the plate unmodified.
There's not a lot of room in there, but it clears ok. I have since shaved it slightly with the grinder, just to give it a little more room at the chain. Its also a good idea to shave it a little at the front where it is near the water pump. Spacing it out caused mine to hit the pump and made it difficult to get on and off, but a quick whack with a flap wheel did the trick. With my setup, I am currently using a ball bearing in the slave cylinder, and a ball bearing in the engine. I had to play with the spacing to make sure the lever throw was right, but it didnt take long.