I've done that with floppy, IDE and SCSI cables lots of times. No problems at all, but as has been pointed out, the floppy drive at the end of the cable (after the twist) is A:, the one in the middle B:. Swapping drive letters in BIOS setup does not work in all cases, so I'd recommend jumpering the drive to A: (all drives are factory jumpered B:). If there's no jumper you'll have to use the BIOS setting.
You can even redo the cable twist, but recrimping a cable is not really recommended - even though I've done it countless times and got away with it.
