I wouldn't recommend it on a daily driver but if its a weekend warrior I don't see why not. Chances are the car isn't gonna leave your sight if you are worried about security.
My uncle's 87 grand national gnx has a lift off hood, and its money, cause he pretty much only drives it to the strip, gets ice cream with the wife on sundays, or to a car show.
I guess it depends on the application, but I do know that wrenching on the car is super easy without a hood, especially with the way his turbo is mounted.
One thing you DO have to worry about is dogs. We were putting in new injectors at his house with the hood off on the lawn and his 140 pound rottweiler came running over to say hi... the hood that is. Baaad news, I think my uncle invented swear words.