There is some wiggle room.
Generally the LM is used for bleeding Heads and fores then use the VM for hearts.
During equalization the lighter fraction will move to the top of the column so the LM head can also be used as a heads trap to some extent when you switch to VM. Eg..a little extra distance wont hurt.
Having them as close together as possible is a plus as it lowers overall height.
You will need to add an "umbrella" type diversion on top of the the reducer to direct flow to the sides of the collection area to avoid reflux going straight through the reducer and bypassing the collection area. (Relfux coils generally center reflux).
Cutting down the reducer at the top to minimize the pool depth will reduce smearing.
Although most run the LM and VM to different sides you could run the LM takeoff into the top of the PC on the VM branch and use the one take off. Although you may want to discard the first of the VM take off to clean any residual heads from the PC .
This as another take on the lm vm concept.
Drawing by "stubbydrainer"
This design can help reduce overall height.
Screenshot_2016-04-24-22-24-40-1.png
The condensor is a hizontal coil in a tee section from the split.
It will all also need a slight angle from horizontal to drain the LM effectively. And a vent hole is on the up hill side of the condensor
The VM valve would be better placed at the top at the split to prevent pooling. Thermo marked in green.
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