You could do that easily. But personally i would go for 1 vol 2 tone instead. But to go one better (assuming you have a pickup selector switch as well) then I would advise a blend pot instead of a pickup selector switch, 1 master volume and 2 tones(this is assuming you have a 2 pickup guitar) as that would give you more flexibility. The way a blend pot works is it basicly lets you choose how much of each pickup you have (instead of bridge, neck or both)