I think this concept will work, having the holes on the side like that, low pressure passing over the holes will pull water through the front or main hole. Think of the air conditioning in a car, when the vents are closed, you get average air flow, but once you crack open the sun roof, it feels like air is shooting out at you.
Oh BTW, where is your ballast? i'm having trouble locating it in the rattle trap i am casting, but most agreed that it should be low and towards the nose