Dislaimer: Do at own risk.
The only way I would consider using it half out and half in is if I purchased a custom fitted and installed slide boot for the rig. Lippert makes them (they bought out a company called Solera, ironically enough), and because of the way they work, a watertight seal can be maintained even if the slide is not fully extended or retracted. There are two types, one that just goes around the top of the slide, and one that completely wraps around. I'd go for the latter.
Even with that, there is concern about insect and animal intrusion since the slide boot likely won't cover the bottom.
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