yes. that's how many UNIX CLI save their configs: they write a . file in the home dir ...
if it were ONLY for osx I'd say .. go for ~/Library/Preferences or so but for *nix it is fine to do it like you proposed.
use HSHomeDirectory()
and NSFileManager
to achieve that
you could (with some modifications) use NSUserDefaults too but for a CLI I wouldn't
- NOTE: personal preference maybe :D