That sounds good that way. The one I remember was chocolate for the color. When they cut out the middle they crumbled it up in orange pudding. The cake was frosted (I forget what kind but it was a harder one not a softer butter cream) and then more of the crumbled cake/orange pudding spooned over so it dripped down the sides of the volcano. Then it was refrigerated while the pudding set up properly.
It was a very neat and kinda realistic volcano cake, but not the tastiest in regards to frosting and cake. I am thinking, trying to image your cake, and I think it would turn out cool looking and tastier your way with the bundt cake, cheesecake, chocolate chips and cherry sauce.