I don't like the glyph, either, and to my eye an ebook doesn't look right with spacing. I use space / three dots / space for an interrupted sentence, while ending sentences with four dots (i.e., one full stop following by the three for the ellipsis.
For the print edition, I revert to the traditional spacing, while ensuring an ellipsis is never broken at the end of a line.
Be aware that under your plan you would have to use a normal space following a three-dot ellipsis, for fear of forcing hyphenation where you don't want it.
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