It is possible to register a VM on more than one host, as long as you don't have vCenter running, which you don't. vCenter will remove extra registrations automatically.
When you start a VM on a host a "*.vmx.lck" file will be created by the host running the VM, which will prevent the VM from being started elsewhere. What this means that depending on why you need to start the VM on the alternative host, this file may still be there. For example if the host running the VM has failed rather than shutdown cleanly, leaving the LCK file in the VMs folder on the datastore. You would need to delete this file before the VM can be powered on. You will also be faced with a question to answer each time you swap to using the VM on a different host to the previous time. The host will question you as to whether the VM was copied or moved. In your case this will be "I moved it". Lastly the guest OS will not have shutdown cleanly and may need manual interventions to getting it back up and running again, but this will depend largely on the guest operating system and the installed applications.
To be honest though I don't see the need to pre-register a VM on multiple hosts like this. In my opinion it is inviting mistakes and problems. For example, answering the moved/copied question wrong could break licensed software on the VM, as a copied VM will get a new identity, and software keyed to the MAC address for example would stop working because the MAC address will change.
Also because in a real host failure situation you are going to have to log into the new host, and check the LCK file is deleted, you might as well only re-register the VM there and then, because this action is conducted in the same place.
I.e.
After host fails:
(1) Log into alternative host.
(2) Browse datastore to the folder of the VM you wish to power on.
(3) Look for and delete the *.vmx.lck file if it exists.
(4) Right click *.vmx file of the VM and select "Register VM".
(5) Close Datastore Browser.
(6) Locate the VM in the Navigator and "Power On"
Lot's of places where this could go wrong, and the security that vCenter brings is recommended if this is a production environment you're talking about.