Luke,
Provided the one bag is within the baggage weight limit you will be ok sharing a bag. What the wording:
No pooling or sharing of baggage allowances is permitted, even within a party travelling on the same reservation. Pooling of an individual checked baggage allowance is not permitted"
means is that you cant have ONE bag (of 25KG for example) ie: sharing two bookings 15Kg.
On reflection, A better example is this:
two pax travelling together have both paid for a 15kg checked bag.
However, 1 weighs 12Kg and the other 18kg. You cannot pool or share allowances so the one with the 18kg bag would still be charged an excess fee for 3kg even though there is an 'unused' 3kg 'belonging' to the other pax.