No, noise isn't introduced by doing this, though if you are shooting multiple color temperatures, you lose your kelvin scale, because you are essentially "gelling" every light by warming up the image. You are taking all the spectrums in the image, and making them warmer. However, this can be much easier than trying to gel all your lights with CTO, especially if this is an exterior, it's just not possible, it has to be done in camera, or in post (which I prefer).
My gripe with doing this in camera is that once you do it, you usually cannot retrieve that color information if you decide you want a different look in post. Saving the color timing for post offers you the power to shoot with a zeroed image, maintaining as much color information as possible, which can be extracted in the timing.