It really depends on the size of your implmenetations. Here's a sizing guide for JIRA, https://confluence.atlassian.com/enterprise/jira-sizing-guide-461504623.html
If you can get a server that has enough resources for both combined, it may work, but you still might run into disk IO limits and things like that.
Like Josh said, while it is possible you're causing yourself a performance/possible security issue.
I would highly recommend NOT to do it since if somebody enables local agents on the webapp - it can impair JIRA's performance (compiling code can be quite intense).
Because of the local agents - you might have arbitraty commands being run as well.
Just something to be aware of.
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