I have a custom master page called "arx.master" that I use all over my portal. I am wondering if I could put it in c:\program files\common files\microsoft shared\web server extensions\14\TEMPLATE\GLOBAL where I can have direct file-system access to the file via notepad - this will keep me from having to connect with Sharepoint Designer every time I want to make a tiny edit.
Would that cause me any issues?