Well, “ok” is a subjective term here. You have to decide what is ok. 
It’s quite easy to get floating point precision issues, especially if you try to increment floating point numbers “forever”. Even though Lua supports double precision floats, we store them as single precision floats internally. And depending on your precision in your shaders, you can get artifacts there as well.
Here’s a post about floating point precision with more info about the actual “issue”.
For you use case, I’d keep the player close to origin (e.g at a fixed position), and instead spawn geometry close by, and let it animate towards the player. That way all floating point values are quite low, and will keep their precision at an acceptable level.