Yes, it is possible. You just need to select the databases from your AF Server that each notification instance would be responsable for. The TargetDatabases parameter within the PIAnalyticsScheduler.exe.config file is used to make this selection. Please refer to this video for more information.
Remember that in this situation, your notification instances will not be in high availability.
Thank you. After reading the documentation again, a cup of coffee and a whiteboard, I had arrived at the same conclusion, but having it here may help others in the future as well.