You can use smartview with private connections (to two applications from different environments) and the functions (e.g. HSGetValue) to connections to the different environments.Authentication might get a little tricky, but if you are succeeding (yes, it is possible) then it will work.
You will get the "signed on token is no longer valid" message, just continue and at the end you will stay connected to both environments.
It might not be supported, but it works.
Yes, it is a common process to compare Dev to Prod. In order to create the Database Connection, you need to update the instance/server settings of the HFM clients that exist on the FR reporting server.
Also please use Hostname or clustername instead of IP Address so it will recognize the difference.