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I have not tried it, but I'd expect it to work.
The "potential problem" with multiple homes is that some apps/drivers/utilities load the Oracle client based on your PATH environment variable. ODP however, does not, so should continue to work fine once you add a new home (which will result in the new home being put to the front of your PATH before the old home).
Perhaps someone else who has tried it can respond with their results.
Hope it helps,