Xcode / Working for a completely distinct application but parallely to another one
Correct me if i misunderstood your question. You want to work in a machine with different developer account. Yes you can.

Go to Xcode>Preferences>Accounts and sign in with as much developer id you want to use. Make sure that you have all the certificate, public key and privet key pair in your Mac Keychain. For details you can refer this link

Next time when you work on an app in Xcode please choose the team from target settings