The closest I've come at any gig is when I played a jazz gig with my 12" rack tom set up where a floor tom would be and a 10" mini-timbale as the traditional "rack tom". It worked but I definitely felt the lack of body every time I used the timbale as a tom & not as a rimshot accent. I don't know if I have any musical situation I can think of right now where I wouldn't use two toms, because I do use them as melodic elements. Using one with my playing style, I think, would make it (sorry) one-note.
In another way of speaking, I could make a ham and provolone sandwich, but I much prefer making ham, provolone, and fontiago, maybe with some basil pesto. Y'know? Unless the sandwich is calling out for just meat 'n' bread, then I'm happy to oblige.
(Also, my rack tom is to my left, and I always have a cymbal stand over there anyways.)