Combining two hash functions is exactly what the PRF does in the original TLS 1.1 specification.
Half of the message (secret) is put through MD5 while the other half is put through SHA-1, and the two outputs are XOR'd together:
$PRF(secret, label, seed) = P_{MD5}(S1, label + seed) \; \otimes \; P_{SHA-1}(S2, label + seed);$
TLS's PRF is created by splitting the secret into two halves and using
one half to generate data with P_MD5 and the other half to generate
data with P_SHA-1, then exclusive-ORing the outputs of these two
expansion functions together.
With the assumption that
TLS uses hash functions very conservatively. Where possible, both MD5
and SHA are used in tandem to ensure that non-catastrophic flaws in
one algorithm will not break the overall protocol.
So it appears that the designers believed this to be safe. However, this has been updated in TLS 1.2, and the PRF hash function is no longer fixed to use MD5 or SHA-1.