Alivio single ring?

Hi,

I'm wanting to start running a 1X8 gear system on my bike (I keep it 8 speed as parts are cheap and I'm a student!), and was wondering if my alivio crankset can be run as a single chainring job? Its a square taper bb, and I was planning on using a bionicon c-guide coupled with a seat tube mounted top guide (http://superstar.tibolts.co.uk/product_ ... cts_id=475) for chain retention...... good / dumb idea?

Thanks