I would personally do it, except for the repayment caveat. What exactly happens if you separate from your employer and don't repay immediately? Do they have any collateral or do they just ruin your credit?
To be more specific, I am doing this at 1.06% with IB margin. I have limited myself to my savings over the next year (at which time I expect rates to start going up). This level of leverage is not particularly high, and would require an unprecedented drop in asset prices to result in a margin call.
Double check, but I think the interest would be tax deductible against interest earnings if used for investment purposes.