Yes, its possible to sync the same Azure account to multiple ePO servers. However, it may lead to complications or confusion regarding management of any point products on the guest VMs; especially if there are any differences in the policy configurations between the two ePO servers
Subscriptions can be renamed so that you always have a back-up plan. I've also been told that resources can be moved between subscriptions, but there are some exceptions and some reports that the move isn't clean. Because resource groups cannot be renamed, you should think about how you set up resource groups with subscription management.
I'll leave you with one last thought: Your blast radius is limited to one app and one subscription. It will also be difficult to manage unless you have solid automation templates, blueprints, Management Groups, and policies in place.
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