I have done this in the past. The only draw back I had, is sometimes when you're really wrenching on something it can swing all over. I have a couple of stands, both cheapos and they work pretty good. I have had and used lots of the Park Tool stands, and they are by far the best ive ever used but they cost $$$$$. I have a cheapo wanabe Park stand and it works like the real deal, except when i throw the Fatty in the clamp. Just to much bike!! I have a wall mount hanger, that works pretty good for quick maintenance and adjustments. $10 at wally worldWhen working in the basement, I hang 'em high. Screweyes, "S" hooks, and rope. Infinitely adjustable.
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