it will just be annoying as chains rarely stretch in perfect chain-link increments. The biggest problem with vertical dropouts is that if your chain stretches and its in-between chain links, you are going to be running with some slack which can prove disastrous if you throw the chain and have no brakes.

If its what you have, then go for it. Just please run a brake and dont try skidding too much, for your and everyone else's sake.