That's what I'm doing. I'm following a rotation modeled on P90X (which gave me great results), and that has us doing the three-day split with each workout once per week. Remember that if you are also doing Low Max, Kickmax and IMAX3, there's a lot of workk for the lower body in those. And the upper body gets worked in KickMax (especially if you put on weighted gloves--1#--for the first part of it).
P90X taught me that more rest is crucial for muscular development.