Hi Aaron,
yes that is possible and I have already made some experiences with the same equipment, the only problem you will have is the overlay of the Minim OSD when the signal is weak.
As you can see on the following video, I have already experimented with one/two OSD´s because of a ground station DIY monitor I am developing. The second OSD inside the ground station could do both, reading from serial protocol the FC data and/or show just the ground station battery voltage and video RSSI.
I abandoned this project just because MAX can not overlay on weak or "snow" signal. On this video of April 12 2013 I was using two OSD but I had tried with just one reading with a 3DR radio.
Hope this helps you understanding the issues you will find.
Have fun,
-KV