Multiple Instances Under Windows

Currently running an instance of OctoPrint on a windows server that is up 24/7 for security cameras. Works great. Getting ready to add a second printer and need to know the best way to setup another instance. I am sure I could just duplicate the directory, change some settings and have 2 instances but I am hoping there is a better way.

Is there any way to run multiple instances with one install, so they share plugins? Would be easier than having to update multiple folders.

What is the best way to setup multiple instances on windows?