The skimmer will now determine the waterline height. Seeing that the ring no longer has to hold air, I guess you could put it as high as you want.
However, I don't think the pool wall will properly support the weight of the skimmer, especially when full of water. While there are quite a few Ultra-Frame owners here (myself included) that have done this, but the pool wall is supported by a metal structure. You may need to make some legs for that skimmer.
Please post a thread with your install, as I do not believe anyone has documented the install of a thru-wall skimmer in an Easy-Set pool, and your experience should be helpful to others who are thinking of do it as well.
BTW- There is a link in my signature to my skimmer install.