This will work but it would not be quite the same as a 4 axis kit. The difference is that the Interface box for the single output kit (part no TA148) combines the vibrations from all 3 directions into a single output rather than presenting them separately. With the 4 axis kit you get 2 separate 3 axis output interfaces so your "4th axis" can be selected to match the specific vibration orientation your have detected with the 3 axis transducer. Using the TA148 you will only be able to look at the combined vibration so in some circumstances it may be hard to pick out the specific vibration you are investigating.
On the other hand for most situations it should cause you any major issues but it is important to understand the differences between the 2 setups. As long as you remember the differences between the two accelerometers you should have no problems.