I assume on the item #2 above you mean plane bothe faces and cut the tounge.
if you are using guides to keep your stock in the same location, the only problem you may have if you do not joint is a small amount of width variaton that may make some pieces snug in between the guides
I would look closley at a few pieces from the rip operation, comparing them as to width and how uniform the width is along the entire length.
the problem with your set up, and others that require multiple passes, is untill the last pass you really can't see if the product is uniform.
with that said, remember I started with small low horsepower equipment, using a plane, joint, rip, joint then with a 1/2 hp shaper.........2 passes to tounge and 2 more to groove..........made about 15 rooms of very acceptable T and G