Yeah it works..
Multiple Console is supported on Windows Platform.You can install no of console on the same windows Machine.
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I recommend during the installation that you install each version in a separate directory. As well as renaming the Program Files > BMC Software > BladeLogic Server Automation Suite folder after each install. Or else they will keep installing on top of each other.
I couldn't install older version of console on application server. But on another server I was able to install different instances of console for 8.3 and 8.3sp3 and both of them works fine.