Yes,
but ... a couple concerns. You need to maintain a minimum 1 meter (39.375" per COLREGS)
vertical separation between the plane of the r/g lights and the plane of the all-around light. AND ... if your r/g lies right under your all-around light, I'd personally
be worried about the lack of horizontal separation, whereas it could be hard for an oncoming vessel on a steep vector to ascertain your true heading.
Looking at the picture below, using the 'top' vessel in Figure 3 as a guide, where the bow of a vessel we both are passengers on is heading for another at a 12 o'clock bearing. If the r/g lights on the vessel we are heading towards are right under the white all-around, one could think that vessel if heading away on a bearing twards 1 o'clock (lights 'close' together), when if fact it might be stationary or slowly proceeding to 3 o'clock or more. People 'gauge' the apparent heading of another vessel by the horizontal separation of the r/g and white lights, not counting the size of the vessel has a factor there too.
I personally think other boats 'like me' would be looking for more
horizontal separation between the fore/aft placement of the 2 required lights - sidelights and all-around. One way around this dilemma, and one cabin cruisers typically use, is to use 2 white lights - a
masthead light with a
sternlight. Tough to do on an OB-powered boat, but I have seen some OBs where the sternlight is mounted on the rear of the OB cowling.
COLREGS = "The Rules of the Road" more properly titles as the International
Regulation
s for Avoiding
Collisions at Sea, hence colregs for short.
http://www.boatsafe.com/nauticalknowhow ... lregs.html
"All-Round Light" means a light showing an unbroken light over an arc of horizon of 360 degrees.
"Masthead Light" means a white light placed over the fore and aft centerline of the vessel showing an unbroken light over an arc of horizon of 225 degrees and so fixed as to show the light from right ahead to 22.5 degrees abaft the beam on either side of the vessel.
Red & Green "Sidelights" means a green light on the starboard side and a red light on the port side each showing an unbroken light over an arc of horizon of 112.5 degrees and so fixed as to show the light from right ahead to 22.5 degrees abaft the beam on the respective side. In a vessel of less than 20 meters in length the sidelights may be combined in one lantern carried on the fore and aft centerline of the vessel.
"Sternlight" means a white light placed as nearly as practicable at the stern showing an unbroken light over an arc of horizon of 135 degrees and so fixed as to show the light 67.5 degrees from right aft on each side of the vessel.