CFFORM Conditional Action

I am wondering if you can nest a cfif inside the action attribute of the cfform tag. I would like to specify two different form actions depending on the existance of a record in a record set. Something like this:

<cfform id="form1" name="form1" method="post" action=
<cfif #Form.subid# = #ExistsSubid.subid#>
"Action1.cfm"
<cfelse>
"Action2.cfm"
</cfif>
>
ExistsSubid is the name of the record set, and the form.subid contains the value I would like to compare with the record set.