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id say it would not work, it uses the db, and without changing the db tables they will both install on the same ones, im not an expert tho.
i rekon to do this you would have to change the sql file, entries in xoopsversion to have new table names, and then switch every reference to this table name in the module.
prob not that hard to do, im pretty new to this too tho, so best find out for sure, if you have a test site, give it a go, but i doubt it will work.
sb..
XOOPS Version - XOOPS 2.3.2
PHP Version - 5.2.6
MySQL Version - 5.0.67-community
Server API Version - apache2handler
OS Version - WINNT