Dave's comments would apply to a single piston caliper (the most common type), but your double piston type (which I think is pretty rare) is mounted correctly. You won't be able to bleed all the air out of the cylinders if you mounted it on the side. Also, if you could rotate that brake line elbow 90 degrees in either direction, you might be able to run the brake line underneath the trailer frame. The tight bend in that brake line really isn't conducive to long life!
BTW, it's worth spending a few bucks more on silicone brake fluid for the boat trailer system. Conventional DOT 3 fluid absorbs moisture like a sponge, which can be a problem in high humidity areas like S. Fl. (BMW recommends flushing conventional DOT 3 fluid every 2 years to eliminate corrosion problems in the hydraulic system!) However using silicone fluid will totally eliminate rust build up inside the calipers and master cylinder. I've used it for years in older vehicles, but it's not approved for use in most ABS systems with hydraulic pumps, I believe due to a difference in compressibility characteristics.
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