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One way cash tends to be more expensive than round trip when it comes to international flights
I've done this before but only after checking that the one way is truly half the cost of the round trip. Sometimes it is and sometimes it isn't. If it is half the cost (or less) only other consideration is trip cancellation due to weather or extraordinary circumstances. Since you're on multiple tickets, if the first is cancelled, they won't reimburse for the return. I don't let that stop me but just as a caution.
Definitely run the awards search both ways to see which will give you a better deal vs cash! You could also nest two round trips if cheaper (i.e., going to TPE but you buy LAX-HND-LAX on one itinerary and HND-TPE-HND on the other).