Only if squid is capable of gracefully handling the case where files are
arbitrarily removed from squid's cache_dir. I personally have never tried
this, but I do not think that squid is expected to tolerate it.
If and when it does support such usage, it should use /var/cache/www as
suggested by FHS.
5.5 /var/cache : Application cache data
5.5.1 Purpose
/var/cache is intended for cached data from applications. Such data is
locally generated as a result of time-consuming I/O or calculation. The
application must be able to regenerate or restore the data. Unlike
/var/spool, the cached files can be deleted without data loss. The data must
remain valid between invocations of the application and rebooting the
system.
Files located under /var/cache may be expired in an application specific
manner, by the system administrator, or both. The application must always be
able to recover from manual deletion of these files (generally because of a
disk space shortage). No other requirements are made on the data format of
the cache directories.