Yeah, no problem. Again, you are not declaring the ball lost by doing so. You are just putting another ball in play, regardless of where the original went (i.e. a player can take stroke and distance at any time). The original is no longer in play.
I only ask because a guy at our club recently did exactly this.
Just to be clear - if we take the same scenario but the guy says "oooh thats probably lost, ill play a provvy" then sticks the provvy straight onto the green - does he HAVE to search for the original ball for 3 minutes? Or can he walk in the general direction of the 1st ball, declare lost and then continue with the provvy?