The Youtube video I linked above provide you with one very good option to replace ODD with caddybay+HDD. Because it's a spinning disk, you'd better assemble it firmly, using the stock ODD frame. The caddy bay is designed to fit to that plastic frame. Airflow to GPU heatsink is still maintained pretty well.
I wouldn't stick a HDD to the aluminum case of the iMac, vibration should be reduced as much as possible, when you are using the HDD. SDD, on the other hand, can be placed any where inside the iMac.