Theoritically you should be able to do it. Never done it myself.
For the assets replication, you only need to take care of the SQL database and the MBDataDirectory.
Give this a thought and may be there are other ways to do it.
Or, you can use replication technologies to replicate the MBDatadirectory.
What is the use case to run two systems in production? That is not a recommended solution nor am I sure that can be fully supported. The MBDatadirectory must be independent for each instance using it. You risk significant corruption otherwise.
We did the upgrade to hardware first, then upgraded MB in place (only one system) from 4.6 to VMB 7. Since the Legacy clients still worked, this meant users were only interrupted for a few days over weekend during the time to upgrade and index the assets into IDOL (deep zoom previews, IDOL summary, ect.).
However, knowing what I know now, I would have kept both systems running separately.
Having two systems and just migrating assets as needed (drawing a line in the sand as it is said), would help in having a clean fresh start in a whole new world of DAMs. At some point you will see usage of the old system declining. Set a threshold for minimum usage of the old system then completely retire it when it is met.
A caveat this is my experience against our use cases. I do like to apply this theory when looking to enhance functionality.
This is what I would have done if doing the upgrade:
Anything in the old system stays there. Build out the new system and begin uploading in the new system after all the new structure is implemented (use cases, permissions, folders, structured metadata taxonomies, workflows, ect). Stop uploading in the old system.
The main reason I say this, there are many folders and permissions which do not apply well in the new MB 8. Using collections, and saved search collections make folder taxonomy obsolete (now folders are only for permissions and asset administers).
All assets need to have structured metadata as their taxonomy rather than folder based taxonomy.