Yes this is possible. You've selected the correct version of the ToneStyler ('DUO') specifically for two pickup configurations, specifically VVT. In this case the ToneStyler physically replaces your tone pot and it would have two hot leads, one connected to the PICKUP SIDE of each volume pot. The intention is to connect the ToneStyler leads directly to the pickup outputs on the volume pots and NOT on the volume pot outputs which are common. That's about it. http://www.stellartone.com/Files/Ste...ler_wiring.pdf
What you want is exactly how the two-pickup ToneStyler is intended to be used so you should have no problem.