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Go for it, if you actually make enough money to justify working on Sigil then it is totally worth it. If not, you can always remove it in the future.
I also use google code host the calibre downloads, but I have my own calibre website that has a prominent donate button on the download page. Again a bit of work to setup, but probably worth it in the long run. There are open source hosting services that give you free websites for open source projects, berlios.de comes to mind.
By way of more motivation for the donate button:
1) you can make it optional, like it is in calibre
2) About 30% of total calibre donations come from that button. The rest if from the website.
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