vBulletin > 4.0.2 uses different sign-on hashing than vBulletin 3.8.x. So unfortunately you would not be able to do this.
Also for the most part, completely separate installations of vBulletin would have different general and user salts even if the user name and password are the same. This mod is really only for one installation of vBulletin that you can access from more than 1 domain or sub-domain.
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