I have a chest freezer + temp controller that serves double-duty as both my kegerator and fermentation chamber. It is far from ideal, since I can't practically use it for both functions at the same time. At some time in the future I plan on acquiring a real kegerator, but I will make do with what I have for the time being.
If you want to serve your kegs at cellar temperature, then there's no reason why you can't. Just keep in mind that carbonation is a function of temperature, and you may see variable carbonation if you have big swings in temperature. That may also affect line balancing if you need to pressurize to different PSI values (or whatever your metric equivalent is) in different seasons.