One problem...Crack and Thump in the monitors if you hot patch phantom power. Sure, you can say to yourself that you'll remember to keep the monitor volume low, and will turn phantom off while patching your mic lines, but it will happen, and the results can be nasty on your monitors.
The TRS connectors of most patch bays (either bantam, long frame or 1/4") will short the phantom during the connection process. Ideally, you should have a seperate patch bay for your mic lines and mic preamp inputs. Use XLR's for this bay, and then you can be worry free, and still have the convenience of a patch bay.
You can buy special TT jacks that switch the ground connections, making hot patching phantom easier, but I think an XLR bay is really ideal.
Cheers,
Kris