You are of course free to do as you wish.
If you are developing against the pre-compiled release, then you will be able to upgrade because you are not modifying any of the C# source code because it is pre-compiled in the dlls. But still if you modify the .aspx or .ascx files you can lose your customization if you upgrade, or your custom copy may no longer work if the original version has changed internally.
I generally recommend developers to work with source code. The biggest benefit is there are examples of code to do almost anything you would typically want to do. If you want to do anything that is similar to any existing functionality you can review the code and learn how to do it. And you can find lots of little undocumented helper methods that make things easier.
Its always possible that bugs will be found and you will want t be able to upgrade to get bug fixes.
Also mojoPortal is constantly improving and getting new features and functionality. I think its a bad assumption that you will never need or want to upgrade. Never is a long time.
Hope it helps,
Joe