As long as they are all on different partitions, there will be no problems. You can switch between them at boot time by holding down Option at startup, or switch between them before rebooting with the Startup Disk control panel.
If you do this, though, you may want to install OS9 on yet another partition, so that you can boot to it with this method as well. The 10.3 and 10.3Server volumes can even use this to provide Classic support, though it's unlikely that 10.3, 10.2, and 10.1 can all share the same System Folder for Classic mode.