I believe the idea of a "waterfall" platen is to make a consistent radius to touch up the plunge. At least that's how I've seen it used.
It's supposed to be shaped like a "waterfall" where the belt is the "water" and the platen is the "cliff".
The belt moves around the edge of whatever radius you've set on the edge of the platen, then moves at 90° to the platen's surface, so you get a nice even radius at the plunge, while maintaining a 90°plunge line.
If you were going to use your current setup like that, you'd have to remove the front wheel, or extend the platen significantly, so the belt drops of the "cliff".