I do it all the time with my SP101 in a modified Don Hume's IWB holster. It also allows you to use a thin holster like a Uncle Mike's IWB holster since retension is maintained with the belt. And your pants protect you from the hard parts of the gun. Another advantage I have found is that I sweat less with another ( pants) barrier between me and the holster.
Don't do anything Stupid. And don't let Stupid do anything to you.