You certainly could, but if either park is crowded, you probably would not get to do many of the rides. We were there during Jersey week and spent almost all day in lines. It was absolutely awful. You couldn't even move on the lazy river and there were no tubes. You just had to swim or float or whatever and there was no way to keep track of the kids. WAAAAAY too many people.
When were were there the week before Thanksgiving, it was great, but Blizzard Beach was closed for rehab. so you couldn't do both then. I certainly wouldn't try this on the weekend or during summer vacation. I would assume that the parks would be very crowded.