Yes, that's what I do. It just turns into side initiative after the first turn, but still gives an advantage to those with high initiative scores.I think my favorite house rule is to do a hybrid. Everyone rolls for initiative (the GM one roll for all monsters). Then the GM calls out, "Everyone above X, (where X = monster's turn) can go." Then GM goes. Then whoever is left. That allows some flexibility to the players, but only those who went faster than the monsters, and then those who went slower.