re: Borrowing from your 401K

It sounds like you're going into it with your eyes open. My plan doesn't prevent contributions when a loan is outstanding, but it does have restrictions on early payments while still employed. Pretty cool that yours doesn't.

Depending on the purpose, I'd consider doing it myself. I've come to believe that personal finances are never a black and white issue and there are no universally good and bad actions.

You're right about the tax implications (you're paying it back with after tax dollars regardless of who you borrow from) but just wanted to point that out. Some people don't want to forfeit the tax advantages of their retirement accounts.

Good luck!