Yes its possible.
If you study the instructions on the 'Golden Wings' installation process, you can just put in your own name for the 'FS9 'variant' install' and that will get you what you need.
Just drag and drop the entire installation over though.
Note; It can take up to an hour for a inner system 'copy/paste' of FS.. But if you run the disc installation to that drive, then drag over your various folders (such as aircraft, gauges, effects) if you wanted them in it, then that would be faster.
Scenery and Aircraft are the big folders to deal with in migrations.
Note2; Changing the name of the config file, EXE file, are a couple of the things you do when having an 'alternate' variant FS9 install. You can find more on this at the 'Ole Hanger' website in the downloads section in the Golden Wings webpage. (Sorry, I dont have it bookmarked).
Bill