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I'm not sure what you mean by "install another BPEL Instance" but if you want to install 11g I suggest you create a new Middleware Home, run RCU 11g on new schemas, install Weblogic 11g and SOA 11g using them. Then create a fresh new domain for 11g. They (10g and 11g) surely can reside on the same machine, but I don't think they can share the same MW_HOME or the same domain...
I also recommend you to read this...
We use a separate home.
Check out the below URLs
Oracle Fusion Middleware Directory Structure and Concepts
Using Multiple Oracle Homes