If you don't see any downside risks in connection with the negotiation for a pay raise, why not?
But bonus may be more important than the base. I have a few friends working for investment advisors. They said their base salaries had been flat for four to five years but the bonuses would be multiple times of the bases should the performance of the firm be very good.
At the end of the day, you want to gauge how important you are in the eyes of your employer. If you feel like your contribution is adequately recognized and rewarded, base or salary, it doesn't really matter.