If the OP wants to try this and see whether the results please him, I would encourage him to go ahead and do it.
What is technically wrong with this separate L/R compression approach is an abstract thing unless the OP can actually hear the left/right wobbling that will probably result (unless the track is essentially mono to begin with).
Sometimes your ear and brain like things that shouldn’t sound right. Once upon a time distorting a guitar in any way was considered basically and technically wrong.