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That's what I've done and haven't killed anyone yet.
On a related note, I've been meaning to ask: what effect does a single ring have on derailleur capacity?
Total capacity = (big ring - small ring) + (big sprocket - small sprocket).
The two possible answers to the first part of the equation are either the size of the big ring (eg 53) or zero, neither of which gives a sensible result.
For a one-by drivetrain do you size the chain using the same method as a two-by, i.e. round the big sprocket and chainring +2 links?