Sure! Maybe have one small cake and lots of cupcakes. It is your wedding. People go overboard spending money on weddings when it is not necessary. Creative solutions are a great way to start your married life together. Congratulations!
My friend did that and it was a huge hit! There was 1 little cake for the bride and groom figurines and for them to cut. It was way easier to give guests a piece of cake, they could walk by and take one if it's buffet style, but it would be perfectly acceptable. If someone doesn't like it, then they can do what they want at their wedding. It's YOUR day, do what you want to make yourself and your new hubby happy!