Is this still a good idea even with the hammer cocked back one notch in the safety position?
The sear (the little thing that engages the hammer and holds it when it's cocked) is a tiny, thin piece of hardened steel.
It can break, especially the very end of it which is all that's engaged when the gun is in the 1/4 cock position.
The Single Action Army was a step backward in safe design, even in 1873 when it came out. The black powder Colts and Remingtons used before and during the Civil War allowed the hammer to be rested relatively safely on notches or holes in the back of the cylinder between chambers. The SAA did away with that.
These days, you can get single action revolvers with modern transfer bar safeties. Ruger, Beretta and Taurus are the three best-known manufacturers. For modern field use, Rugers make the most sense to me.
Even if you load 5, with the traditional action you have to make sure you put the hammer down on the empty chamber, and while letting it down you still have to pull the trigger. This does make it possible for you to fire the gun unintentionally, if the cylinder goes past where you want it to be, and locks.
With the Ruger New Model, you don't touch the hammer at all when loading. You just open the loading gate and the cylinder will unlock so you can turn it and unload/load each chamber.
I have some old style guns, too. I like them. However, for use in the field, the Rugers are hands-down safer, no question about it.