Spell Combat treats the spell being cast as an off-hand weapon, and so generally is a full attack and uses those rules, which state
The only movement you can take during a full attack is a 5-foot step.
You may take the step before, after, or between your attacks.
Touch spells use this rule:
You may take your move before casting the spell, after touching the
target, or between casting the spell and touching the target.
So if you were casting and discharging the spell, then moving, then attacking again, that would obviously be legal. And casting the spell, moving, and then discharging it without the Spell Combat attack would also be legal.
The rules let you cast a spell as though it were an attack in a full attack, which means before you make the five-foot step you are allowed anywhere in your attack sequence. You are also allowed not to use the touch attack granted by casting a touch spell immediately. Between those facts, what you propose is clearly wholly justified, and I would allow it.