using Federated tables for different data sources

We are planning to create a standalone MySQL server specifically for Federated tables that points to 4 DB instances. Sample table: federated_db1_users
federated_db1_transactions
federated_db2_users
federated_db2_transactions
Is this kind of setup feasible as long term solution? What we are aiming to do is to centralize all of our data set into 1 data source for our reporting tools.