Yep, that's totally fine. Just FYI the Content tier is active/standby failover, the application tier is weighted round robin balancing so you'll get an extra bit of performance out of that setup.
In the gateway install Cognos Configuration just enter the 2nd dispatcher address, and if using IIS re-run the config script with the new dispatcher details. I do sometimes find that removing the old config is needed when making larger changes though so keep that in mind if you have issues.
In both Content/Application tier machines, make sure you have both Content Manager's URI listed.
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Nick McCoy
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