Nothing wrong with it, you just need to make sure it provides enough current to do what you want…
If you ever plan on transmitting with the 7160, you'll need somewhere around 12 amps just for that. Figure in another amp for the scanner. Pad it by a few amps just to cover things, and you'd be looking at a 15 amp supply to keep things happy.
If you don't plan on transmitting with the VHF, a 2 amp supply should be just fine.
Fuse the radios separately.