Outside circuit panel

[tigertracker]

I purchased a house to remodel that was built in the early 60's with original wiring except for a couple of additions. The original breaker box is on the interior of an exterior wall that was originally in a closet. At some point in time, someone took out the closet and replaced it with a bathroom, so now I have the circuit panel in the bathroom. I obviously need to separate the two, but it would be a major job and expense to move either one. My thought is to take out the circuit box (Which needs replacing anyway) and and put an outside rated box in the same spot, but rotated 180 degrees. This would put the breaker switches and main disconnect outside the house about 16 inches away from the meter pan. Then resheetrock the interior wall of the bathroom. The circuit panel would be under a carport. Does this sound feasible? Legal?