All my paintings are done from black and white photos. I like the simplicity, and I don't trust the colors a camera comes up with anyway. I'm starting to use color studies from life now (thanks, Marvin), and when I finish up I double check temperature.
I posted for a critique of Rosa here. She was from a photo + a little life. But honestly, the light was so extreme I don't think I would have been able to do the range of these colors reliably from life. They were more or less figured out while painting from an 8 x 10 b/w, plus a color study of her "local" color in sunlight. But as you mention, the color temperature is an iffy thing, and on the ear, I could still tweak it.
So go for it!