Yes, but at least you understand why you're doing it, and hopefully realize that by sticking with 1.4 you will not be able to use anything made for the game from 1.6 onward.
The problem is that the vast majority of people doing this have no idea why they're not updating, they just seem to oppose the very idea of needing to and will resist it irrationally. the resulting nightmare of mod support that causes is a big problem.
I'm not sticking to 1.4. I couldn't mod should I do it. I'm simply not playing the game.
You have a point about the problems derived for modders from this. We are having a problem with this in 'Vilja in Skyrim'. Various users reported a problem that could only mean the the esp is not reading the BSA.
Eend, one of the betatesters, tracked it as being caused by non updated games (we are sure it happens with 1.1 and it didn't with 1.6, not sure about intermediate patches). Can't blame those users though.
If their computer is as crappy as mine, they simply can't play the game past 1.5.
IIRC the 1.4 patch was the worse patch of them all and screwed up the game pretty badly. If you want stable but no more updates, 1.5 is the way to go.
1.4 was the best patch. It fixed all the problems from 1.2 and 1.3, while includding things like increassed memory allowance and improved compilation. It was as stable as 1.1, but with various improvements.
1.5 bring more kill moves and mounted combat (or that was in 1.6?), along incompatibility with ENB (some users claimed also a lost in stability and performance, but it could be just because ENB antifreeze no longer working propperly).