I have used your method and it worked good. Make sure the bananna is secure and not wobbly, and that the nut can still be tightened snugly. You can also use 2 spade lugs as well. As with any multiple connection, the 2 ends should not meet until they both reach the connection. It sounds like you have a 'simultaneous' connection, so you should be OK. Replacing the pinned connector with a spade lug may work even better.
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