I have done this very frequently in this year, deflating variables, specially for the purpose of demand estimation. I also asked a relevant question on the subject previously (here: Heuristics with time series measured in dollars).
Since by my experience results can often change, depending on the index used, and you might have indexes that invalidate IV estimations (e.g. when in demand estimation one uses a instrument, a sectoral cost index, which might be related to the variable used for deflating the observations [by the way, here it is another question related to this particular subject that I've asked: Does it make sense to 'deflate' a sectoral price index in a regression analysis? ]), I was wondering if there is specialized guide to detail the various tips and/or problems you might run into when deflating variables. Does it exist?