If you analyze the Verilog code of the link you provided, there is an assertion segment:
generate
if(ClkFrequency<Baud*8 && (ClkFrequency % Baud!=0)) ASSERTION_ERROR PARAMETER_OUT_OF_RANGE("Frequency incompatible with requested Baud rate");
endgenerate
Again if you look at the code there are two constant parameters for clock frequency and baud rate:
parameter ClkFrequency = 25000000; // 25MHz
parameter Baud = 115200;
Well first of all the code will throw assertion with these constants! Because 25_000_000 can not be divided by 115200 with no residue. So you need some wierd clock frequencies to implement such UART logic with your FPGA.
I want to ask a question for x8 or x16 supporters, can you communicate with a device using UART with 1_843_200 bps baud rate with even a high clock frequency such as 100 MHz? Well with x16 sampling, you need 1/(BAUDx16) second tick, which is 33.908 ns. But with 100 MHz clock freq your resolution is 10 ns, so with counting up to 3, you get 30 ns. So you will generate a baud tick of 30 ns instead of 33.908 ns, where the error rate is 33.908/30 = 13% !!!
Okay you can say well for this case I can use x8 oversampling. So I need to generate 1/(BAUDx8) second tick, which is 67.81 ns. This time the error rate is 67.817/70 = 3%. Then I will ask what if you have 50 MHz instead of 100 MHz?
IMHO, because UART is an old protocol, at that time using less resources for circuit was crucial. However, today with thousands of gates in an FPGA, most of the times adaptation to newer requirements quickly and modularity gains importance, especially for small low-end protocols such as UART, SPI, I2C etc. Therefore, sampling each time of RX signal gives you the ability to communicate higher baud rates with little extra resources, which you have huge amount of inside FPGAs nowadays.
By the way, believe it or not but x8 or x16 tick generation circuit also spent resources of FPGAs! It is not a free tick signal.
So my answer for the question "Is there any harm in doing this?", is NO, even you will have more flexibility and achieve higher baud rates.
Regards,