Would it be a good idea to have no money withheld for taxes?

In most cases that would not be a good idea. You are going to have to pay in taxes no matter what. It is generally better to have them take it as you earn it because the majority of the population would have spent the money instead of putting it back for Uncle Sam. Ask any 1099 individual how tough it is to come up with a check for the federal government every quarter.

Additionally: it is against the law to not pay your taxes on an estimated 9by either quarterly 1099-ES or withholding) basis. The amount is also well prescribed with several different methods and limits.

Like most things legally prescribed, not doing so will incur an automatic additional penalty and interest on any underpayment, this may be substantial. Of course, if after determining the amount of tax required to be paid, it turns out (because of your earning level, deductions, etc) you don't need to have any (more) paid in, then don't.