It's totally possible, and there are people just play with a single cue.
However, most people prefer to use several cues optimized (shaft taper, tip/ferrule, weight, etc.) for each specific purpose.
Yep, if you want a do it all cue, the Gilbert jump/break is amazing. With the stock tip it makes an excellent playing cue. I put a Samsara tip on mine so it's more a dedicated break/jump now (and jumps much easier than the stock tip) but it's a great playing cue and I'll still play out a rack with it every now and then for fun. Really a bargain of a custom cue at the price they go for, mine is beautifully made!
I've also been really wanting this set up lately. The problem I'm finding is that everything I want has a big slow pin and I don't want to sit there screwing and unscrewing shafts. My ideal set up would be a Mezz break cue and playing shaft with some sort of quick joint, but I don't think they can build that through their Exceed line.