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Nah, I don't believe its risky and wouldn't be considered bad practice. Just be sure to remove the noindex tag on each page.

I wouldn't worry about the location of the IP too much. What's most important is that you're getting quality, value-added links to your website for your niche. This is conjecture on my part, but I say it would be more important to receive a link from a .es domain than from a website with an IP in Spain (for specifically ranking in the .es SERPs). However, unless the terms you're trying to rank for are very competitive, I would concentrate on just receiving quality links, regardless of location. I'm not sure that there would be that much incremental benefit from the IP address location.