Your current design has the potential to trap water between the adapter and the hexalobal bit of the hub, so I'm not sure you're worse off with a top hat.
I did consider drilling 6 holes in one of these:
but the offset is 10mm and the top hat crown is not wide enough to go over the hub lobes.
the current design allow me to change the cog with less work than having to machine a new cog each time. and it allows for fine tuning the chain line in both directions with thin washers where the top hat would only go outwards.
I haven't thought about trapping mud, tho.
I did consider drilling 6 holes in one of these:
but the offset is 10mm and the top hat crown is not wide enough to go over the hub lobes.
the current design allow me to change the cog with less work than having to machine a new cog each time. and it allows for fine tuning the chain line in both directions with thin washers where the top hat would only go outwards.
I haven't thought about trapping mud, tho.