Yup, it will work.
I received my bike as a handed down gift, and it came with the exact setup you are describing.
Originally Posted by
Mr IGH
..... I always have the inside chainring index as the unused shifter index and use the two outer index positions for the two chainrings. I set the adjustment screws for the two chainrings, if I shift into to un-used index, the cable gets slack and the adjustment screw stops the derailleur movement.
I did the same thing.
Sometimes have to click twice to shift (usually after I've bumped it on something, or the kids' accidentally hit it while putting their bike away). Even then it works fine with no problems. You only need to ensure you limit the derailleur so it doesn't push your chain off.
At first it bothered me that it wasn't perfect, 2 rings - 2 clicks, but really, it's not that big of a deal. Especially when I weighed the situation with how much it would cost for new shifters, and installation.