It's certainly OK to do it. If you do, I would try it like this.
In place of
-> 2 kettlebells: 1 clean + 2 presses + 1 squat
-> Rest
You will do:
1 kettlebell:
-> Left: 1 clean + 2 presses + 1 squat,
-> Switch sides without putting the bell down, then
-> Right: 1 clean + 2 presses + 1 squat
-> Rest
It's not the same - double kettlebell work puts a different load on your system, but this will take longer before you rest each time, and that is its own additional load.
-S-