Perhaps an alternative option may be to have seperate "zones" accesible from the homepage. Red zone, blue zone etc. and specify different skins to display when a member goes to that section.
To the best of my knowledge, if you install vBulletin on a domain (or a sub-domain) it will count as a single installation. The only additional installation allowed under the LA is a (password-protected) test board which must not have public access.
The LA clearly states that a single licence is for a single instance of vB on a single domain.
As said by toonysnn, if this is unclear your best option would be to raise the question in pre-sales at vB.com
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