From Mike Davidson's announcement of sIFR 2.0:
I looked at the page and he had replaced every single word with sIFR text… even complete paragraphs and 300-word passages. Do not do this please! sIFR is for headlines, pull quotes, and other small swaths of text. In other words, it is for display type — type which accents the rest of the page. Body copy should remain browser text. Additionally, we recommend not replacing over about 10 blocks of text per page. A few more is fine, but once you get into the 50s or so, you’ll notice a processor and speed hit.
So it's not a good idea. In fact, these days, sIFR itself isn't really necessary (Mike's announcement is from 2005). CSS3's new font features are a much better way to bring awesome fonts to your users.