With 2 burners on one IDE channel, you will ONLY be able to burn the same thing simultaneously to them. (multiple burner burn). In order to burn different things to each burner they must be on separate channels.
I do multiple burns all the time. Using one HD you will likely see a speed limit of 4x for the burns in order to avoid buffer drops. Using my Raptor RAID, I can manage 2 8x burns from the array at once. I’ve never tried 2 16x burns, but maybe I will just for fun. Of course, you will need at least 160MB of free RAM for 2 burns if your read buffers are set to 80 in Nero.