That's entirely reasonable :)
Here's a test program:
#include <SPI.h>
SPISettings test1(20000000, MSBFIRST, SPI_MODE1);
SPISettings test2(1000000, LSBFIRST, SPI_MODE3);
uint8_t cs1 = 22;
uint8_t cs2 = 8;
void setup() {
pinMode(cs1,OUTPUT);
pinMode(cs2,OUTPUT);
digitalWrite(cs1,HIGH)...