Backup dilema

Is it possible to back up two different hard drives to one main drive using two different programs?

Ex.
I would like to back up my internal 40gb drive to my 750gb external drive using Time Machine. Also,I would like to back up my other external 320gb drive to the 750gb drive using CCC, so i could everything on one big drive.

Would this process work?
Would there be any problems?

Thanks.