The cursedness of "€:\" is awesome. It's amazing how much more flexible the NT kernel is vs what's exposed to the user.
Yea, over the years someone thought of something they wanted to do and then did it without a systematic consideration of what that level of power meant, especially as multi-user network connectivity and untrusted data became the norm.
As long as your code page doesn't have gaps, that should be doable. It'll definitely confuse the hell out of anyone who doesn't know about this setup, though!
Explorer, not so much ...