get a tankless for your replacement. easier on the bills and endless hot water.
I like the idea! I did a few of those back east. Problem is the venting of them and sometimes the plumbing, depending. Arizona is pretty strict on those, I can only imagine Cali........I mean, a 10 drop limit like a magazine ban, whatever.
Check codes before you try this depending on where your tank is, but I agree! Money well spent given the right logistics!

Ray