Pinhole camera in space

NASA has funded $400,000 to study the possibility of viewing small extra solar planets, www.astronomy.com/asy/default.aspx?c=a&id=2498
It seems to me that the telescope thousands of miles from the 30 foot hole needs to have very high light gathering power to keep exposure time reasonably short. Why not repair the Hubble space telescope and fine tune the position of the hole for best picture at Hubble? That seems far more practical than designing a new trillion dollar telescope that may not work well with the pinhole, or be optimized for other use.
Perhaps Hubble should be moved to solar orbit as I suspect the pinhole camera will be difficult and compromised in low Earth Orbit. Hubble in solar orbit would be fabulous for long range predictions of Earth threatening asteroids and comets especially if located about halfway to Venus orbit? Can the Hubble datalink be upgraded to 150 million kilometer if relayed at some of Earth's Geosynchronous satellites? 150 million kilometers would be great for long base interferometry. Neil