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' ),