If you want to run Notes 4.6 and R5 or 2x R5, simply change the shortcut to point to nlnotes.exe, instead of notes.exe.
You can also make a cmd file, and enter this for as many notes sessions you want to run at the same time in different locations:
SET NOTESPARTITION=0 START c:lotusnotesnlnotes.exe =c:lotusnotesnotes.ini
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