Part of the 'big deal' about a serpentine setup is that you get more wrap around the pulleys compared to a normal "v-belt" routing. If you use a multi-rib flat belt with the old routing, you don't gain a thing. In fact, the V-belts 'grab' the pulleys because of the way they bunch up when you bend them sharply, allowing them to hang onto the pulleys better than a serpentine type belt in the same configuration.
The factory serpentine belt setup routes the belts through pulleys in a way that makes more of the flat belt touch the pulleys, getting more grip with less resistance. They last longer, and steal a little less power, plus your alternator won't squeal anymore.
So bottom line here: Yes, you can route a serpentine belt that way, using serpentine pulleys. But it's not the best idea. If you have an upgraded alternator, to make it not squeal, you'd have to run a lot of tension, and that may cause premature wear on your water pump and alternator.