Welcome aboard!
I'm still new but I think your idea would work. The quilt I'm making for our queen size bed doesn't have a top border but it will on the foot and sides. I've seen a lot of pictures of quilts that don't have borders at the top. I've also seen quite a few antique quilts that had notches in the bottom corners to clear the bed posts. Making a quilt to fit the bed isn't a new idea.
I think the plain 14" border will look funny if the quilt is flat but it will look right on the bed. It' will also give you a lot of room to play with quilting designs.
Rodney