Now if you want to make spell prep, drawing a bow or cutting down a tree with a steak knife multi-round actions, it's ok.
Using House Rules won't break your game any more than rolling a D4 for Initiative will break the game.
Other issues may occur because of the change, but it's your game. Have fun!
I do allow certain skills to be handled as multi-round actions.
You could allow the Mage to prep 70%Act now and 20%Act next round to cast a 75%Act standard spell in that same round and still have 5%Act left to move. *
For us, reloading a bow is just how you described.
I would suggest all actions still be declared, or suffer the change of action penalty (We use 40%Act or -40 to new action, if appropriate.)
We stick to the 3 allowable actions/round, even if it's only started in one round and resolved in another.
I do not recommend combat and spell casting to be multi-round acts. What a headache..
Now the player must declare intended actions for 2 rounds! If they deviate because something changed.. to bad. Take the penalty or continue as stated.
There's also 2 rounds that the action can be interrupted.
* My players tended to try and declare each 1%Act of the round, until they realized that saving at least 10%Act or more for Instants or movement/whatever was a good idea.