No, I don't think so. The thing about Windows 8 is that, unlike previous versions of Windows, it asks for a key at the start of the install, at which point it distinguishes full version keys from upgrade keys. If you have an upgrade key, then the install client is going to look for a partition.
I'd be happy to be wrong on this one, but that's what I've been told.
But if I am right, then it's really not a big deal. As I said, you don't even need to activate the other Windows OS. The drive simply needs to have a partition for it.