The potential downside it that the wp_enqueue_script will not know you've already loaded jquery.js and you may run into problems.
I've not tested it myself, but have you just tried the code from the Codex article?
http://codex.wordpress.org/Function_Reference/wp_enqueue_script
<?php
function my_scripts_method() {
wp_deregister_script( 'jquery' );
wp_register_script( 'jquery', 'http://ajax.googleapis.com/ajax/libs/jquery/1.7.2/jquery.min.js');
wp_enqueue_script( 'jquery' );
}
add_action('wp_enqueue_scripts', 'my_scripts_method');
?>
See that add_action()? It takes takes a third parameter called $priority. The default is 10 but if you make it lower, such as 5, then it should queue up first.
add_action( 'wp_enqueue_scripts', 'my_scripts_method' , 5 );
http://codex.wordpress.org/Function_Reference/add_action
Give that a try. If it works and it puts jquery in place first, then you'll be on the road to wp_enqueue_scripts Nirvana...