Any problem w/ calling a custom taxonomy 'type'?

I’ve tested it locally, and it works, but wondering if anyone thinks it’ll cause a headache in the future w/ future updates to WP to call a hierarchical taxonomy ‘type’. I’m wanting one for Post Type, to do similar to a Tumblr setup.

For referece, just the first few lines,

function build_taxonomies() {
    register_taxonomy(
	'type',
	'post',
	array(
	'hierarchical' => true,
	'labels' => array(
		'name' => __( 'Post Types' ),