It should be fine. However, you should take into consideration whether it will be quilted on a domestic machine or on a frame. If on a frame, you typically do not want seams running from top to bottom because, as the quilt is rolled onto the takeup bar, those seams stack on top of each other and can distort the portion of the quilt still on the frame.
Also, I would press all of the seams open to reduce bulk. This makes it easier for the machine needle to make it through all the layers without skipping or other problems -- especially where a backing seam may be on top of a seam in the quilt top. In this case you might want to make the seam allowances a little more than 1/4" (maybe 3/8") so the backing isn't weakened. You also might want to take care with the type of batting used, choosing one that is unlikely to "beard" through the pressed-open seams.
Finally, I would heavily starch the backing before layering -- especially if quilting on a domestic sewing machine. This stabilizes the backing fabric so it is less likely to stretch or distort while you machine quilt, reducing the chances of puckers or tucks in the back. My preference is for a 1:1 solution of Sta-Flo liquid laundry starch and water, which is quite a heavy starch solution. If the quilt will be on a frame, I would lighten up this starch solution a little (maybe 1:2).