It'd be fine - as long as you're not in a production class. The production engines must run in the same class as the engine would run when completely stock. In other words, for instance, our ZX14 started life as a 1352 cc. Boyoboy would it have been easier to get rid of a few cc to get under the 1350 top limit of the next lower class, but since we couldn't - we had to bore and stroke o get it closer to the 1650 top limit of the class. And while that was okay for a year or two, Kawasaki then upped the base engine size to 1441 cc -- giving more room to bore and stroke it to lots more than that 1532.
But anyway -- in production the bike must run the same class as it would with an unmodified engine.