Couple of notes here, the Lian-Li PC-Q11, it's atx not SFX while the SFX psu is smaller it'll not fit, it could be made to fit but making an ATX to SFX backplate but this would have to be custom made. (I don't know of anyone that makes/sells one)
EDIT: Ooo sorry it looks like the ST45SF should come with a back plate http://www.silverstonetek.com/product.php?pid=253&area=
on air flow and the psu being in the way . . . it's not really that big a deal, normally that air path wouldn't do much anyway as you cannot use tall cpu coolers and the air will get pushed around the sides of the psu by the air pressure anyway.
I'd suspect that the air having to be pulled in through relatively small side vents would probably be a bigger restriction.
If you've got one of the original single slot cooler 4850's I can see that being a bigger issue.
That SFX psu looks very good as cabling space inside the Q11 is tight.
A good Q11 thread over here http://hardforum.com/showthread.php?t=1523097
example of the Q11 with the ST45SF on page 5 http://hardforum.com/showpost.php?p=...3&postcount=96
edit: have a look at some of thoes Q11 builds, cable space is tight with an ATX PSU, make sure it's modular