Hi. Yes, your circuit is possible BUT it would require a different selector switch. Unfortunately, as you know, on the Ibanez S470, control cavity space is at a severe premium. So much so that the selector switch has to be mounted on a raised plastic surround.
I see four realistic options.
Three-way selector switch, wired like a Telecaster. Coil tapping activated by push-pull pot.
2) TRIPLE SHOT.
Three-way selector switch, wired like a Telecaster. HBs mounted in Triple Shot surrounds. (NOTE: If you have the Ibanez metal HB surrounds, converting to TS rings will involve drilling new holes. These would not be hidden if you ever decided to convert back to original spec.)
3) FAKE PRS.
The Schaller Model P megaswitch would allow your S470 HBs to immitate the coil combinations of the PRS rotary PU selector. I reckon that this switch will fit inside the control cavity. Just.
4) S CLASSIC
Convert to that Ibanez circuit that offers;
Bridge HB onlyThis requires a different five-way switch.
Neck HB wired in parallel
Neck HB only
By the way, in the majority of HBs, neither coil is "hotter" than the other. Usually, one coil may sound nicer than the other, especially for the bridge/treble position pickup.