No, not exactly.
What you need to do is tweak the allocmem function too. You would have to indicate whether it is meant for Paula or Denise. Allocating memory for Paula would activate memory bank 2. Allocating memory for Graphics would activate bank 1. If you would then play a sample located within the 2MB range Paula will be activated when it wants to (DMA). The activation of Paula can be detected by looking at the hardware lines (tri-state, enable line). If this happens the memory bank would switch to the 2MB chips for Paula (sound) (bank 2)
So both sound and graphics are located from location $000000 to $001fffff (2MB?) but in different chips.
But then again, the effort isn't worth it.