Hi Nmat,
It is not clear to me if you plan to have 2 Dynam/T VM servers. If you have to have 2 separate VSE Dynam/T catalogs, 1 Dynam/T VM server cannot share 2 different Dynam/T VSE catalogs.
In either case, Dynam/T VM (one or more servers) communicate to RMSMASTR to access the tape drives and the database in the ATL/VTL. So this should not be a problem.
However, unless you can specifically allocate a separate range of real tape addresses to each Dynam/T VM server (if you have multiple Dynam/T VM servers), sharing the tape drives will likely be problematic. The other option would be to implement MIM/MIA for VM to manage seamless sharing of tape drives among all of your servers and LPARs.