My main water line (1/2" copper pipe) comes in through the bottom of my
basement wall and bends/slopes outward from the wall about two feet then
connects to the main shut-off and water meter (all on the floor).

I need to replace the main shut-off because it is rusted and leaking. Since
I am doing that I want to raise the shut-off and water meter off the ground.
My question is: is there anything wrong with putting an elbow connector
right where the water line enters the house so I can run the new pipe up
against the wall to another elbow which will then run to the shut-off and
water meter.

This is basically what I want to do:

___SHUT-OFF____METER___
|
|
|
|
ELBOW UP

Thank you for all your help.

B. McKechnie