Consider, for a second, what would happen if and when the pressure in the colon exceeded the pressure in the bladder, and a urethra connected the two: fluid in the colon would backfeed into the urinary tract. The kidneys would ultimately be exposed to intestinal flora.
The prevalence of UTIs even with the “air gap” of separate waste streams tells me that this would be an extraordinarily bad idea, at least with our current biology.
If we had evolved in a more arid environment, there might be some advantage, but if we had, we would have a significantly different system to maintain homeostasis: it would have to be significantly more resilient to bacterial contamination than our current system.