I have done so a number of times, cancelling one of the weeks and then electing it into Abound Points. I always do so within the 12 month reservation window as I have read of others having issues if they cancel between 12 and 13 months.Could I book the consecutive weeks and then cancel the week I don't want later?
Though as @Dean wrote, the ability to cancel one week without it affecting the other reservation may change in the future.