Yes.
To be safe, make a complete copy of your current working gbpvr folder elsewhere as backup.
If the second install messes the first (doubtful), just copy back.
Beware that some things may not work on the second installation, because it's not in the default path. (renamerecording won't, to name one)
You can never have enough tuners! Pentium Quad / 4Gb Dual Channel RAM / XPSP3 / 2 x PVR-500, PVR-250 / GB-PVR
Yes, you should get two recordingservice items, as well as two taskbar icons.
Just make sure you don't overlap recordings between the two installs, or something's going to crash.
You can never have enough tuners! Pentium Quad / 4Gb Dual Channel RAM / XPSP3 / 2 x PVR-500, PVR-250 / GB-PVR
You cant install two entirely separate working versions on the one machine. It'll always use most of the files form the one of the installations. Attempting this on two different versions would be a very bad idea.
I agree, it's a bad idea, but it does work.
Of course, I had to try it and see. Good for a couple of hours of testing, then uninstall, and recopy your original install back.
Not saying you're not going to possibly get some headaches though
You can never have enough tuners! Pentium Quad / 4Gb Dual Channel RAM / XPSP3 / 2 x PVR-500, PVR-250 / GB-PVR