That looks fine to me.
We kind of have two logos, and I believe a lot of teams do this.
Essentially one is a text-ish logo used sometimes in banners, letterheads, stickers, shirts, etc, and one is a much bigger logo with the text logo transposed onto our mascot. So essentially, some cool looking text, and then your team/school mascot, symbol or whatever.
For example, here are ours:
http://i45.tinypic.com/xoejd5.jpg
http://i47.tinypic.com/muk5zb.jpg