Go for it man. I did. Below is a picture of my range. It is 13 yards and I LOVE to go down and just shoot. No it does not help me with sighting in the bow but damn it is fun to just shoot. Also I was only able to pull 62 pounds last year. This year I can shoot my Trykon maxed out and it max's out at 74.6 pounds. I have is set DOWN to 67 for hunting this year. It is just a GREAT way to build strength and work on form.
I used a bunch of old VERY large boxes and stacked them up againist the wall first. Then just put the bag target on a box. I shot THOUSANDS of shots down there when weather is bad, hot or cold. On nice days I go to the club and work on distance. I have to say I am shooting better out to 40 yards then I ever have and I have been shooting for 25+ years. If you have any questions about anything with this let me know either by pm or posting here. I will be out in the woods some now so it might take a few days to get back to you. Good luck with your range.