I would do it slightly differently. You can easily install a DNS server on the system that runs DHCP, point the clients at that, and set your DNS server to use your ISP's DNS server as a "forwarder". That way you can have a fully functional private network and a change to the ISP's DNS server means altering just one text file.
Check out dnsmasq, which is a great piece of software specifically designed for small networks that will handle both DHCP and DNS (dynamic). I'd only recommend using BIND and dhcpd over dnsmasq on a home network if you are doing this to teach yourself, or have more complex requirements.
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