Default Connect to gear and other bluetooth device

Hey,

I am anxiously waiting for the 360 to be available!!!

I do have a question though:

Is it possible to connect to the watch, as well as use a pair of bluetooth headphones with mic/in car hands-free system at the same time?
Current: HTC One M8 (Gunmetal) + Spigen Slim Armor (Gunmetal)
ViperOne - ElementalX - Firewater S-Off(ed)
Old: HTC One * Galaxy S4 (I9505) * Galaxy S3 (I9300) * Galaxy S3 LTE (I9305) * Galaxy S (I9000)