I was successful in creating multiple vm's; but, it isn't very pretty. I used the information from Ta-t3's post about starting GVM apps from a shortcut.

Only one GVM instance can be run at a time, and that means that to switch between some Palm apps., I'd need to stop one emulator and start another.

By the way, if you attempt this at home, the '--storagefilename=filename' option refers not to a path, but to a file name that must be in '/home/user/.gvm'. This stymied me a bit.

I'm still looking for a hack.