Constant use of the GPS antenna draws a good bit of power. You run two risks, one is overheating. If you use it in the car, make sure your phone is not in the sun and well ventilated. The second is charging ... a weak charger won't charge the phone as fast as it's draining and you could still run out of juice.
The only one that could be potentially harmful to the phone or battery is the excess heat. That said, I've had phones get pretty hot for long periods with no ill effect. I think the risk is minimal.