You should be able to do that. I'm doing that with a 36 inch space and a 36 in hood. I am getting glass though so it doesn't looked "squished".

We did that--only we have a 36" cooktop with a 36" hood. It's large enough between the two cabinets, and the cabinets are not very wide, so that helps with them not looking so crowded. They are also off white, which also helps.

Make sure you allow for any cover panel that may be attached to the side of the wall cabinets. Not all brands/styles have this, but some do. It could be an additional 1/2" to 3/4".