multiple instances of WebIssues on same server?

Since WebIssues 0.8.5 doesn't support project level security (i.e. these users can get at this project, but not that one) we want to run multiple webissue instances on the server. Basically give each instance it's own complete install directory, but have them share a database instance. Each WebIssues instance will have its own set of tables.

Will this work? Are there any problems or issues of which we should be aware? Is there an easier or better way to accomplish ?

Thanks