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yes, as long as both roms use the same partition sizes. all you would have to do is to flash the 1st one, set it up as you want it, make a nandroid backup, do a full wipe, flash the 2nd, set it up, make a nandroid, and you can do a wipe, flash whichever rom, then restore your nandroid, and you're all set, and able to switch back and forth that way.
but the easier way is to run a nand android build, and one or two sd builds from magldr ad sd. wiping, flashing, and restoring is a bit time consuming, rather than settin up ur nand & sd builds once and just choosing what to boot into without the wiping, flashing, restoring hassle.
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