PS_HOME and PS_CFG_HOME on two different servers

Has someone successfully been able to create a separate PS_HOME and PS_CFG_HOME where the application server domains are defined on one server (PS_CFG_HOME) and the executables (PS_HOME) to start the application server are defined on another (file) server?  We are upgrading from PeopleTools 8.51 to 8.53.  When we go to start the application server (from where PS_CFG_HOME is defined), we get a Tuxedo error "CMDTUX_CAT:816: ERROR: Cannot exec, executable file not found".  It appears psadmin wants to find and run the executable on the local drive instead of the executable located on the other server (i.e., PS_HOME).