I would not do it. Here is an example of why.
In first grade, my DD' best friend said to my DD, "You cannot go to Heaven to be with God because you were not baptized." They were both 6. That actually unnerved my daughter and she told me about it. I took her into the bathroom and got my fingers wet from the sink faucet. I sprinkled her with water and said, You're all set now."
She gave me a big smile and scampered happily away to go play. But her little friend REALLY believes what she said. She really believes some people are going to hell, etc. And that is from just a short time in Catechism and Catholic Church once a week. I feel badly for her, and I am very glad my child is unburdened in that respect.
As for teaching morals, etc., here is a good example of why religion/belief in a God is not necessary to accomplish this:
Alan Dershowitz
IDEAS: Obviously, you don't think religion necessary for morality.
DERSHOWITZ: Quite the opposite. You need not to have religion to have morality. Morality based on religion is often no morality at all. If you do it because of heaven or hell, or because an instruction book told you to, it's not morality. It's morality when you have decided yourself, without benefits or threats, that this is the right thing to do.