You could combine them by setting one of the equations to theta_dot,
and inserting into the theta_dot the other equation
In differential equations you solve for \$\theta(t)\$, not for \$\dot{\theta}(t)\$, and as their values are interconnected the solution is time dependent. For linear differential equations, like the ones in the link, the solution is an exponential function.
In general you could, however, do as you say, but you would get mathematically stuck with a coupled differential equation that's quite difficult to solve. Start by fixing \$\dot{\theta}(t)\$:
$$\dot{\theta}(t) = \frac{K i(t) - J\ddot{\theta}(t)}{b} $$
and then substitute in the other one, getting:
$$ L \frac{di(t)}{dt} + Ri(t) = V - K\frac{K i - J\ddot{\theta}(t)}{b}$$
You need \$\ddot{\theta}(t)\$ to find \$i(t)\$. You can't proceed.
The most common approach to solve the interconnected system for its states' dynamics is to stack the multiple linear differential equations in a single state space (eqs. 8-9 in the link) and solve it in its matrix form.
Your intuition can however be used to find the steady-state (final values, after dynamics) of the system. This is done by setting all derivative to 0 and solving for the states' final values.