Regarding the installation location, Can I install this on the same instance as my NPM or is it recommended to install on a separate instance altogether?
We recommend you install this on a separate server. Below are the requirements based on environment size;
Main Server Requirements
Server Requirements (based on usage level):
As of release ARM v9.0.821 release, installation along with NPM is not recommended/supported. This is due to some dependent services version incompatibilities.
I'm sure this will change in future release at least for small environments.