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It is OK to use UC3842 output voltage as the supply voltage of AM26C31. But you must note the specifications of AM26C31. Its maximum supply voltage is -0.5~7V, and it is recommended to operate under 4.5~5.5V supply voltage. So I suggest that you'd better to test the voltage of P5 in advance before connect it to Vcc Pin of AM26C31, though I think it could be realized within allowable range easily as P5 voltage is as the loop feedback control voltage in your circuit.
By the way, I suggest that place a low-ESR, 0.1uF ceramic bypass capacitor between Vcc and ground of AM26C31 to reduce the coupled noise, and placed as close to the device as possible.
