Tom, as you probably know, there's no inherent reason that these two domains need to have separate IP addresses unless you need to do SSL on both of them.
It is possible to do what you describe on a single server, but it's quite a bit outside of the design spec for e-smith/SME. You could probably do it on a single server based on SME, but you'd be undoing a lot of the work that makes SME SME.