To my knowledge, this can only be done if you have one of the new boxes, either the Superdome SD26000, Matterhorn RP7410, Keystone RP8400 servers which have the ability to have multiple partitions each with an instance of the Same or Different OSs on them. It is called "cell-based" technology and is new architecture to these 3 systems. You can learn more about it by going to
http://docs.hp.com website and search for "Cell" or "superdome" to see the docs that are there. HP posts virtually all of its documentation on this site for public consumption.
None of the previous versions of Hardware before support this partitioning.
However, These versions mentioned above of HP Systems only support 11.0 or 11.i, 11.20 versions of the HPUX operating system.
So with that in mind, the answer to your question is "no".
You could have 2 different disks on the same box that you could boot from one or the other but you would have to specify the hardware path each time you would manually boot up. I don't think you can create an autoboot function to have a window to select one or the other. You would have to boot and manually change the path each time.