In theory as you toggle between the two pages, if you are using natural conversation Ids then yes, you could do this. However, in order to have links to the other page, each page must be aware of the some entity in the other conversation?
For example, page1 needs to know the id of the object in page2 so it can create links to the second page containing the conversation Id for page 2. The conversation Id defined in pages.xml is probably derived from some entity that is in the second conversation. In order to properly bind the value to the conversation id parameter, the entity would need to be in the first conversation also.
I'm not sure that helps,
Have you managed to get it working? I have this requirement too...