It would be fine if you were bottling immediately after primary but if you have any plans of aging it then you run a high risk of oxidation/infection. I suggest either buying a smaller fermenter OR adding yeast directly to the jug/bottle. I do that and leave the cap slightly loose to allow CO2 to be removed and it turns out fine. It is only in there for a week or so then to the fridge to crash!
Co2 is more dense than air and therefore sits below the oxygen layer. It should push the oxygen layer out the top of the fermenter so there shouldn't be an significant oxygenation. I say do it. That's just my 2 cents