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As far as monitors are concerned, most monitors have multiple inputs. So I guess you can connect Nvidia card to input 1 and AMD card to input 2.
But this does sound like an overkill to me.
yes this is definitely not a good idea. Instead of spending on two cards [from 2 teams] its better to spend that amount on a single better card. For eg instead of getting XX70 cards one can go for XX80 cards. I thinks a that's much better choice.
But this logic doesn't apply if budget is NOT a constraint. People were purchasing GPU even at 1.5Lakhs a piece.