This is the approach that Selenium 1 took, and there be many dragons down that path. It's workable (we've done a ton of cool stuff at Sauce Labs making it work), but it takes an usual mix of skills and insight to get it to
really gel together. Selenium 2 was built with all that mind.
That said, it's not the important part. Selenium (and watir, windmill, etc.) is an execution tool, it doesn't help you avoid some very, very large pitfalls waiting for you down the road. Too often your tests are tightly coupled with the dom, data and selectors are strewn all about, you have manual pauses and timeouts set by someone who left years ago, and you have so many that the whole thing takes two weeks to run (yes, I've seen this a number of times).
Basically, I don't care about the tool to execute the tests anymore. They'll all become interchangeable with Selenium 2 anyway. The much more valuable piece here is in creating tests that are maintainable and a joy to work with.
Certainly best of luck, please be sure to share you experiences and insights! There's always more to be learned.