The cuckoo hashing is just a collision resolution technique used in open addressing hashing schemes. Having two possible hashes of a key always next to each other (that is what you suggest by using buckets if I understand correctly) would cause the cuckoo algorithm for kicking out the conflicting items to stop working.
If both possible locations for a key are always in the same bucket, the two keys with a colliding hash would also share the alternative hash (i.e. it would be the other place in the same bucket). And so, they would only be able to kick each other out. A loop of length 2. Always. If three keys hash into the same bucket, you will have to rehash the entire table.
You can have larger buckets, but the problem remains. Once a big enough number of keys hash into the same bucket, you will have to rehash the table. That would most probably mean low typical load factors.
Of course, what you will be getting in return is the locality of memory references. But is that a reasonable trade-off? I think there are better ways to achieve locality of memory references...