This is a fine thing to do, the easiest way to do it is with Astun's Loader, which is a free open source tool that is set up to take OS Master Map and feed it into PostGIS. It's so good that it is what OS use to load Master Map into PostGis.
A GML and KML loader written in Python that makes use of OGR 1.9. Source data can be in GML or KML format (including compressed files in GZ or ZIP format) and can be output to any of the formats supported by OGR. The source data can be prepared using a simple Python to both make it suitable for loading with OGR (useful with complex feature types) or to add value by deriving attributes.
The loader was originally written to load Ordnance Survey OS MasterMap Topographic Layer data in GML/GZ format but has since been used to load other GML and KML data.
Disclaimer I work for Astun but not on the loader team.