No - as far as I know it works, and I have done it several times.

Also, I think a still easier, although not faster method is the following.
First, let Time Machine create one backup, but exclude all visible folders to speed things up. This way, you automatically get the right name for the disk bundle.
Then, save that name, delete the backup, and create a new disk bundle with disk utility, giving it the name you just saved and the size you want.
Back in Time Machine choose this file for backups.

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