Hi zorro,
Its true, it will radiate, as well as any structure will do (even a cable, if you dont mind the 80-90db shielding).
I think that an antenna is a device made to radiate as efficiently as posible. Therefore if you use a high eps (40 as dhgd mentions) you will have a tuned resonator with a high Q and very small bandwidth (a few kHz or even lower) and very poor radiation efficiency, probably lower than -10dBi. My suggestion to dghd is that he thinks of another tyoe of antenna (a dipole) if it fits into the available volume
regards