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Would it be feasible to have 2 or more tracking volumes side by side using separate Optitrack installations?

Can the Optitrack software be configured to not stream points tracked outside of a designated capture volume so that the 2 systems do not conflict?

Yes and yes.

You can create multiple camera groupings and set bounding boxes for each of them to restrict their capture volumes. In this way, you can create multiple volumes with a single license of the software. Please note that this is only supported in Tracking Tools, not ARENA or Expression. Based on the description of your project in previous posts, Tracking Tools will be the most suitable software for you anyway, so this shouldn't be an obstacle for you.