I need to move my gas water heater(WH) over about 6 feet to make run for a new location for a gas dryer hook-up. Currently a single 3/4" line is feeding two tees of 3/4" lines which feed the dryer and WH. Each, dryer and WH have 1/2" reducers at the end of the lines.

Can I run both the dryer and WH off of a single 12' x 3/4" line reducing the line to a 1/2" at the end of each feed? I don't want to starve either of two units which could run at the same time. The WH is a 50 gallon 40,000btu unit.