i think you would have to change the nut, because the slots would be to small for the strings, but other than that and a set up i dont see why it would be bad.
You can do it without any problem. I did it for years on one of my high end basses, and never changed the nut. Try it without changing before you change it--you probably won't have to.
You'll probably have to tighten the truss rod since you'll be putting more tension on the neck than with the low B string. But, other than that and setting the intonation, you should give it a try.
When I pick up a third Bongo, I'll probably change the tuning on my Black Sapphire fretted 5 to EADGC with TI Flats.