As long you only use real 720 kB diskettes in the 1.44 drive, this is working. 1.44 MB diskettes would switch the drive in HD mode when formatting them to 720 kB *, what means specially a different write and read current in the write head. Such disks will be unreadable after a short while and unreadable at all in a real 720 kB drive.

(* for HD mode you would need a HD module which switches the 1772 floppy controller to 16 Mhz - but you would need special selected 1772-02-02 chip or Atari AJAX chip, and you would need TOS 1.04 or 2.06)