Short answer: Don't do this. Use px to set font sizes. If you need a bigger font, use a larger number of px.
Long answer:
The idea behind setting the base font is make it obvious how big a ems and exs are. If your base font size is 10px, then 1.0em is 10px, 1.2em is 12px, etc. It seems simple enough. The idea breaks down as soon as a container changes the font size from the base. If you're in a div with the font size set to 20px, then all the sudden 1em is twice as big as it used to be.
It gets worse. People started suggesting that 62.5% should be used rather than 10px.
(Note that 16 * 0.625 = 10). This was suggested because specifying a percentage for font size is a workaround for an issue with old versions of Internet Explorer. The end user couldn't "zoom in" unless you used a percentage.
However, % (when applied as the default font) is an absolute unit. It may seem like a relative unit, but here, it's a percentage of the user agent's default font size, and font sizes are specified in points. This introduces a subtle and incorrect assumption about the user agent, namely that the screen resolution is 96 dpi. This assumption often results in text which looks like this:
Hey check me out, I'm too small to read!
To sum up:
Don't use hacks for old versions of IE (4 years is plenty of time to maintain backward compatibility; IE7 is four years old this month).
Don't make assumptions about your user agent's resolution, and don't set the body font size to a percentage.
If you need more precise typographical control, use a CSS framework like Baseline.