You can, in theory it shouldn't affect it as long as you name each one differently iTunes should remember and maintain the lists (so long as you 'manually manage music') - I know multiple iphones work fine without messing up, and it's the same principal.
Life is a tool, use it wisely and properly. Don't break it, because you can't exchange it if you do.
Life is an instrument, it needs regular cleaning, maintenance and tuning to keep it at its best.
Fear, is not knowing. Terror, is finding out.