Yeah it's perfectly fine.
The general rule of thumb when it comes to masquerades is that so long as the content is PG-13 then it's all good. So basically if it doesn't have inappropriate language (swearing or sexual language) or inappropriate action (sexual themes) then you're perfectly fine.
Of course there are other rules and specific ones to certain masquerades, but I'm certain they don't apply to your skit idea.
But in relation to your skit, here's a tip. Being both martial artists will make it easier to build the choreography. But when it comes to fight skits, two keys to remember is be very flashy with your movements and exaggerate. An important thing to remember is timing when matching it against any preset music or voices. When on stage you're going to have hundreds of eyes watching you which is going to amp up your adrenaline. So stay cool and rehearse the skit till the point you can do it blindfolded as the worse thing that can happen is that you're not moving in sync with the voices and/or music.
Well I hope this helped.
When in doubt, just take the next small step.
With that next step take a deep breath. It calms the mind.
When the mind is calm you realize the best is still yet to come.