The 700cc bottle is definitely longer than the FX 500cc 250BAR aluminum bottle, and it has a much longer "neck" so it sticks out more to begin with. but it is the same diameter at 2-3/8" so it might be possible it would fit under that cut out,. but it sure doesn't look like it!
From what I measured the 700 is about 2 mm smaller in diameter than the carbon bottle. So you would have 1mm more drop than a carbon bottle. I don't know what the aluminum bottle diameter is.