I don't know how DesktopX installs so it's difficult to say. If DesktopX has an option to only install it for the current user then I would think the answer is "Yes" since it would be the same as having one user using LS and the other using Explorer.

I doubt you will get an definite answer since I find it hard to believe that many people have ever had a need to. So try and find out. If it doesn't work try what ls-universe suggested.