It is always a good idea. Each home I have bought, I have always done that.
When raising the cold tank, do leave enough room round it, to enable you to see inside and to access the ball valve should it require attention.
As far as the hot cylinder is concerned, most leak about one kilowat of heat over 24 hours, therefore,, you must add extra insulation, build a box round it with about five inches of polystyrene all round to keep the heat in. Fill the spaces with fibre glass.
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