i just took out all my gravel in my 240 gallon last week and all my fish are fine. i even added new fishes in the tank 3 days after i did this. so far no problems. i doubt there would be. i'm running a 30"x12"x12" wet/dry with a bunch of bio balls.
can driftwood hold beneficial bacteria too? if so, i also have 3 very large pieces of driftwood in there.