Yes, it is possible to skip your monthly period by not taking the placebos. It is becoming more common to do so, and some doctors recommend it for some women.
If you are taking a triphasic pill, you may have a harder time adjusting it as opposed to someone taking a monophasic pills. The difference between the two is the triphasic pills gives you 3 different doses of hormones over the month as opposed to the monophasic, which is the same amount of hormones.
As for side effects, some women will bleed for the entire month and others will experience breakthough bleeding. If you know the time you want to skip your period, don't want until that time to do it. Consider doing it a few months before just in case you have bleeding.
good luck!