Why would you not use the full # of coats? to save $?
A barrier coat is essentially a bunch of 'platelets' (like fish scales), that overlap each other. It must be thinned w/ epoxy thinner to apply, and goes on as a very thin coat. That is why you need to apply 4-5 coats to get a true barrier. I applied a grey coat to my white hull. Took a good 3 coats to not see ANY white. I then added 3 coats of white barrier coat in order to not see anymore grey. So I know I have 100% coverage.
Essentially, you're wanting to put on a raincoat with holes in it. Is that smart? The implications of a holey raincoat are much less severe than a holey barrier coat.
Make sure that before sanding the hull, you use the interlux solvent wash to remove any wax or other chemicals on the hull. Interprotect has a # of secondary items to use when applying a barrier coat (solvent wash, epoxy thinner, etc) and you do NOT want to shortcut those steps.