It would be cool. If the light and flow were right, I think it would work. As for parameters, if you have stable reef tank levels, you should be good. However, jellies are very delicate (they're pretty much all water) and you would need just the right amount of water movement to have an effective sump/refugium but not have the jelly get blown around. I'd also be very careful with rocks as they can tear jellyfish apart.