Linux permissions

Anyone know if there is anything wrong with doing the following:

chown -R nobody somedirectory/
chgrp -R designers somedirectory/
chmod -R 074 somedirectory/

and having a few users belonging to the ‘designers’ group

in essence only users in the ‘designers’ group would be able to edit the files, anyone can read the files…and nobody, not even the owner (who is nobody) can touch the files…

is there anything wrong with this?