If it doesn’t say just to repeat 2 and 3, I’d do them all. Actually, I think you’ll really need that row, because it would be too hard to k2tog all the way across a row that was k1, m1.
Oh well, so I am doing it wrong. It is a little hard to K2tog after the M1 row, but doable. I actually really like the way the pattern looks. I am making a hat with the shape of Half Dome from the new Knitty, but with the garter ridges pattern (or whatever it would be called now). It has a honeycomb crocheted kind of look and that was my plan so all is working out.
If you want to keep doing it that way, go ahead. Just remember you’ll have to do more rows, but it probably tells you to keep goins for X many inches anyway.