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HCO Implementation Questions

I'm a new systems admin at my org. They were paying for Orion, but the implementation is pretty messy. We decided to upgrade our agreement to HCO because we liked the licensing model more, plus it came with IPAM. 

I'm going through some of the discovery phase for the new implementation, and had some questions for the community:

  1. I'd like to create a new instance; not upgrade our existing Orion software. However, I'd like to do this without spinning up a new VM. Am I able to spin up a new instance of HCO on the same VM I'm currently running Orion on, or would I need to shut down Orion completely?
  2. Same question goes for the database. Am I able to use the same SQL server but create a new database?

I know these are pretty noob questions, but I'm basically on my own in this deployment, being the only systems and network guy, so I want to get all of the advice I can get.

Thanks!