I actually have designed our site this way with two different pages with the Dynamic Registration (DR) module on each one. The problem is that the DR modules seem to be logically linked to each other, so when I make a change on DR module on page 1, those changes are also made to the DR module on page 2.
I think I made a "copy" of page 1 to have the separate page 2 with the other DR.
The way I solve it now is just to use the two pages and have the DR module detect the different based on a query string I send to invoke it. The two pages need to be different because of the other content on the page. The modules are pretty much the same, except I need a different message displayed after the form is submitted.
I have it working now, but it seems a bit odd that each of the 2 modules on different pages are "tied" together.
Next time, I will try to just "add" the module on the 2nd page. Maybe that will keep them from being tied together.