LVP over hardwood?

Before anyone jumps down my throat, let me assure you that this is prefinished hardwood I‘m talking about, and it is only in one area of an open ish concept space. The adjoining spaces have carpet. I want to run LVP on the whole main level of my home, but I have two choices: 1. rip up the carpet and the nailed down hardwood area which will cost more or 2. leave the hardwood, and build up the subfloor where the carpet is now so that the space is level and go over it all (hardwood included) with the LVP.

I’m leaning toward option 2 for cost reasons, but does anyone see any red flags with this?