Then you couldn't use it to parry, unless you saw the attack coming a mile away (in which case you could already counter it half a dozen ways). If it's a separate button, you can punch, block, punch in swift succession.
update for you. Not a whole lot of new stuff since last video but: -R.Bear has a new throw. -LOst's Kind Viewer hack's code has been implemented into this -Axel's running sprite demonstration. (currently SORR version 4 sprites but we might be getting version 5 sprites for his running animations as well. We'll see.)