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TheOtherDave comments on Human errors, human values - Less Wrong
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As long as you take care not to overextend. Today my hypothesis is that moralities are sets of cached answers to game theory (possibly cached in our genes), and extending those rules beyond what they're tested against is likely to lead to trouble.
Humans try hard to formalise their moralities, but that doesn't make it a good idea per se. (On the other hand, it may require explanation as to why they do.)
In game theory the stable solution such as a nash equilibrium is not necessarily one that maximizes aggregate utility. A game theory approach is for this reason probably at odds with a utilitarian approach to morality. If the game theory approach to morality is right, then utilitarianism is probably wrong.