You'll need two different e-mail addresses 
(usually not too hard in this world of "25 e-mail 
addresses for the asking").

This is because people send you payments by 
specifying an e-mail address, and PayPal needs to 
be able to distinguish which of the two accounts 
are supposed to receive the payment.

I use exactly the same personal and contact 
information on my two accounts, and it seems 
fine -- just the e-mail address is different.