As long as you're fine with not having them both run at the same time I'd say it should work without a problem. Just shove the different versions into two different directories and launch the one you want to use. Kill it and launch the other when you want to switch. Pretty basic stuff.
However, if you want them to run at the same time, we would need to be able to specify a different port for each instance, and to my knowledge that isn't possible. (You should be able to solve this in a contrived way by running one of the instances in a container or virtualized or something of the sort, and then map its port to some other external port on the host - which doesn't conflict with the builder you have running there.)