The danger in eating too few calories is that your metabolism may slow, which can make it hard to lose weight. That's why so many people on 'traditional' calorie-restriction diets do well for a short while but ultimately stall.

Regarding letting your carbs go too low, there is some inormation that says it will not help your weight loss to go below 15g/day (search Atkins.com). You can follow Induction at <10g/day, but it would limit your food choices somewhat (which might make it harder to stick with the plan), plus it might lead to unnecessary and potentially unhelpful calorie restriction (e.g., cutting salad dressing, not eating cheese, etc.). Induction works for most people at 15-20g per day, so why not try that first?

Also, remember that you don't have to count the carbs from non-digestible fiber.