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I would not advise this as a general approach at all.
Using a technical tool for the early design process completely closes your mind to potential design solutions. This is a very good method if you just want to knock out something basic. However, if you want to innovate, it’s doing it all backwards.
Prototyping tools need to be quicker than production tools so you can change things around, be flexible and experiment quickly and easily with ease. Producing a HTML prototype this way is going to be slow and messy.
I agree with the sentiment that creating an interactive prototype may often be a good idea, but in that case, use a prototyping tool like Axure, Omnigraffle or even Fireworks to export an clickable wireframe.
Use the right tool for the right job.