It would be a LOT of work to relocate it. The fuses should only blow if there is a problem and unless you have a bunch of problems all of the time, the fuses should stay good. The problem I've seen with people blowing fuses is not installing things properly.
Relocating the fuse block to me would be like also wanting to have a removable tranny tunnel to more easily get at the transmission and driveshaft.
Some of these cars are a pain to be able to access some things but be glad it's not like some of the late model cars.
Another thing too, is if you do relocate it under the hood it would also need to be more protected from heat, water, and so on.
Doug I agree with Jim. It can be done, a later model weather proof panel should be used but the amount of work involved will be intense. A lot of rewiring and splicing that could cause issues if not done properly.
I have not had to replace a fuse in the Nova yet in the 6 years I have owned it, most of them still look to be original with the ends of the glass colored.