Well, yes - Big Inch, both of the two valve bodies will have larger wall thicknesses than the pipe wall, but the two weld "prep areas" on the two valves should neck down to equivalents of their mating pipe wall diameter and thickness.
Thus, since each end of each single valve will be equal in weight and wall thickness of its matching pipe, the two valves should logically be able to be welded together. Weld pre-heat and weld PWHT and metal heatup rates should be calculated by the valve bodies, just like the weld of valve to pipe is calculated.
But, unless space constraints make it absolutely necessary, my instincts and observations say "Don't do it. Unless you have to."