We do that all day long with VFR aircraft because we only have instruments to one runway and the wind may favor the other. The VFR a/c to the active may be cleared to land/option, but the opposite direction a/c always has an altitude restriction or is told to report missed approach, but never cleared simultaneously with opposite direction traffic that close. One radio failure or 'brain fart' and you could be in a world of hurt, but... the separation is clear of runway prior to the threshhold.

As for IFR you should have an LOA stating your minimums. Mine is 10 miles IFR/IFR(departure turned prior to inbound reaching 10 miles) and 4 miles IFR/VFR(VFR turned prior to IFR reaching 4 miles). Each airport will be different.

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~controller since 99'