Except that you won't have the same features at all. Even if your only goal is piracy (according to what you said). For example, you won't be able to play modified .3ds games or out of region games like MHX, let alone translated out of region games...this shit is way to risky and complicated, I might as well buy a damn flash cart.
And you probably won't be able to play online either since you won't be able to use .cia files and using private headers is also the kind of thing that is "complicated".
Your choice, waste 90$ to get limited features or use your head for 1 hour and do whatever you want for free ?