Creating custom Object ID in MongoDB
While any values, including hashes, can be used for the _id field, I would recommend against using random values for two reasons:
You may need to develop a collision-management strategy in the case you produce identical random values for two different objects. In the question, you imply that you'll generate IDs using a some type of a hash algorithm. I would not consider these values "random" as they are based on the content you are digesting with the hash. The probability of a collision then is a function of the diversity of content and the hash algorithm. If you are using something like MD5 or SHA-1, I wouldn't worry about the algorithm, just the content you are hashing. If you need to develop a collision-management strategy then you definitely should not use random or hash-based IDs as collision management in a clustered environment is complicated and requires additional queries.
Random values as well as hash values are purposefully meant to be dispersed on the number line. That (a) will require more of the B-tree index to be kept in memory at all times and (b) may cause variable insert performance due to B-tree rebalancing. MongoDB is optimized to handle ObjectIDs, which come in ascending order (with one second time granularity). You're likely better off sticking with them.
Whether it is good or bad depends upon it's uniqueness. Of course the ObjectId provided by MongoDB is quite unique so this is a good thing. So long as you can replicate that uniqueness then you should be fine.
There are no inherent risks/performance loses by using your own ID. I guess using it in string form might use up more index/storage/querying power but there you are using it in MongoID (ObjectId) form which should preserve the strengths of not storing it in a simple string.
Yes it is perfectly fine to use a random value for an object id, if some value is present in _id field of a document being stored, it is treated as objectId.
Since _id field is always indexed, and primary key, you need to make sure that different objectid is generated for each object.
There are some guidelines to optimize user defined object ids :
https://docs.mongodb.com/manual/core/document/#the-id-field.
I just found out an answer to one of my questions, regarding indexing performance:
If the _id's are in a somewhat well defined order, on inserts the entire b-tree for the _id index need not be loaded. BSON ObjectIds have this property.
Source: http://www.mongodb.org/display/DOCS/Optimizing+Object+IDs