I'm debating running a mic through my small combo bass amp to service for practice purposes only. Normally I'd run it though the other input on my guitar amp but I want to have independant EQ and volume control which the bass amp would provide.

Is this an acceptable solution? Does running a mic through a bass amp provide the same quality as a guitar amp?

Again, this is strictly for practice purposes only.
it's going to be better than a guitar amp. much better. especailly if you're sharing the guitar amp with a guitar. if you're sharing the bass amp with a bass, it's no good.
Telecaster - SG - Jaguar
Princeton Reverb, Extra Reverb
P-Bass - Mustang Bass
Apogee Duet 2 - Ableton Suite
I happen to use both actually, one mic in bass amp, one in guitar amp, but it's just mics, no instruments plugged in, they're in seperate amps, it sounds fairly decent I guess.

You know you're a guitar player if you think this following sentence is funny:

Gain makes everything better! Break a leg? Here, lets put some distortion on it!