I can't resist an ILS Intercept question!
All the answers so far have looked at the question from a terrain avoidance angle or a PANSOPS angle. Because I am involved with many Procedural approaches - that is, no radar available - I would like to mention another aspect. Although I can't see anything wrong with "self position for the LLZ" while maintaining above MSA, there is the sequencing question to consider.
Someone ahead of you may have started from the IAF and is following the full (in this case Racetrack) procedure. If you join the ILS at some random point, you could mess up the controller's procedurally established separation plan.
I agree, you didn't suggest you'd do this without talking to ATC, but it is one reason why not following a full procedure can cause problems.