I think aesthetics and ethics overlap, and perhaps are even identical. Taste in art can largely be defined by morality and vice versa may be just as true.
You can think like that, but it's an example of precisely the kind of value-nullifying, reductionist philosophy that makes fascism so objectionable, and so willing to embrace totalitarian policies.
For the same reasons, I'm quite distrustful of ethical dogma's that I think are rife in Marxism and Libertarianism. Especially Objectivism and Marxism-Leninism tend to turn human beings into unimaginative drones, because of their over reliance on a set of ethics as opposed to life.
Funny, that, because one of my biggest problems with both Marxism and libertarianism is that they do tend to subvert all ethics under what are essentially aesthetic preferences (against privilege and for personal freedom, respectively). What makes them much less terrible than fascism is that the aesthetics in question carry a greater weight of hypocrisy, as they keep up the pretense of being genuinely ethical in nature. The fascist aesthetic, by contrast, moves all too easily into the naked, unashamed embrace of flagrant evil.