This is just my theory so bear with me as I have not tried or tested it with quads.
On paper, yes the end result may be the same amount of lift, but in the characteristics of real world flight I believe they will perform completely different with the same props, as one (the 2s) is high torque-low speed and the other (1s) will be low torque-high speed.
With the same prop, lets say an aggressive pitch, the torquey 2s will give a lot of punch/acceleration but lack in terms of top speed due to lower kv. Now that same aggressive prop on the 1s in theory should be twice as fast on the top end but lacking that immidiate punch that can saves you at times. The reality is that the low torque isn't going to be able to spin that aggressive prop at full speed putting more strain on the motors.
If we step away from quads and into the niche of my 100mph Rustler. (2wd 1:10 scale RC truck) We find most people use high kv motors (4400kv+) and make just a couple high speed passes before, "oh no, my motor is blazing hot" (with a cooling fan) and have to let it cool down. Meanwhile I have mine built with a 2200kv motor and WAY over geared. (like over propping) I do just as many high speed passes and with better acceleration (it is more difficult throttle control)(just as with aggressive props) then while the high kv motors are cooling down Im still out bashing around for the full 30-40 minutes of my pack and never break 120-130 degrees. (with no cooling fans either) Guys have reached 160mph+ using the 2200kv setup and a 1:1 gear ratio. I reach almost 110mph with a ratio just over 6:1 in case anyone was wondering.
So in conclusion it may work, but you will definitely have to experiment with different props, and the flight characteristics will be completely different I believe.