Note- I've tried this. Although the bandwidth should not be a problem that card chokes up very badly on pci2.0x4 lanes on a southbridge.
Even with just four drives. Everything slows down. It must need to use all eight lanes regardless of its bandwidth needs, or it’s being throttled by the mobo southbridge that I’ve ran it through. My consumer-grade mobo setup is such that I can’t really test which is happening very easily, and the answer wouldn’t really help me anyway.
I wanted to contribute what I learned about this because I benefited greatly from this and some other old discussions that I found here.