I did exactly that. Had the monitor on so that I would hear DS and it worked very well for me. DH slept through everything. The amount of times DH would ask in the morning "Did he wake up at all?" and I would answer through gritted teeth!

DS comes into bed a lot with us now (he is nearly 2) - I am now far more relaxed about co-sleeping but I still get a much better quality of sleep if he is not in the bed.