I tried doing this. Heating the MT using HLT and a recirc tubing setup. It didn't work as well as I had hoped. There were two problems I had First, heat transfer wasn't quite what I had hoped. I don't know where the problem was, but the temp inside the coil (in the middle) was much higher than outside. The second problem was that it was very hard to stir. So, basically, I never got it to be one steady temp. I had to switch to an electric element to steady my temps with a PID controller.
The third somewhat unrelated problem is that it was a bear to clean after. Sure, I didn't have to run water through it, but I had the worst time getting all of the bits out of the sides of the coils.
I bet you can make this work. I couldn't. If you do, let me know what you did.