Sounds similar to my approach. For the vast majority of my playing time with other people, I've been the only electric guitar. But, on those occasions where I've played with another player, I tend to not duplicate the other player. If the other player is predominantly a Strat player, I'll mostly use my Les Paul (or other humbucker-based guitar). If the other player prefers humbuckers, I'll mostly use my Strat.
I mean, it's not a hard-and-fast rule, or anything. But, it helps to provide a complementary sound.