You can do this. (Indeed, certain very large breweries brew their beer stronger than desired then dilute to package.) There are (at least) a couple things to keep in mind. First, diluting to get to the gravity you want will also dilute the hop character, etc. When done purposefully, the to-be-diluted beer is brewed proportionally stronger in all aspects, not only gravity. So the flavor of the beer may be impacted in that it will have less bitterness and hop character than you were shooting for. Second, it is important to make sure that the water that you add is degassed so that you don't introduce oxygen into the finished beer. Of course, this can be done by simply boiling the water before adding it, which has the added benefit of sanitizing the water.