It is possible you just need to use different port and Mysql sockets. However you need to look at the warning. You cannot use both servers to edit one database, if you do that, lots of problems will occur. I think you can also do this from cPanel, however the administration tools in cPanel itself will just work with the default Mysql setup. If you are going to do some custom work it cannot be managed and that will cause a some problem in terms of management. So that is the reason it is not highly recommended.
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