Not sure, but it should work.
As long as you have good contact at the stud by the battery, then good contact at the stud near the starter, it should flow sufficient current.
Are you running lots of sensitive electronics? EFI setups or radios? Not sure if it makes a difference, but I'm wondering if there could be any kind of interference issue with the frame as the conductor, vs a shielded cable?
I think just making sure that everything is grounded well, especially the body, should help resolve this, but maybe someone else with more knowledge on the subject will know if there are any pitfalls.
Why don't you want to run a ground wire next to your positive though? Just cleaner? Less expensive? Something else or all of the above?
If you do go with the stud method, make sure you remember to run a full-size ground cable to the engine near the starter (or directly to a starter bolt) for the best performance, and tie the body into the ground scheme in multiple places.
Whatcha making by the way? Full buggy, or just relocating weight to the rear?
Paul