I'm not entirely clear on what you are trying to do and it sounds like your diagram describes what your network presently looks like, and not what you actually want? It sounds like both the "Internet" local internet breakout and the "Verizon WAN" MPLS connection you want to terminate on the PA-220 instead of the WAN connection directly on the core switch?
If so, that'll absolutely work without issue with the proper routing setup.
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