Yes, ORACLE Corp. supports it as follows:
A simple flat file named oratab, has a 1 line entry for each
Oracle Data Base on that Unix machine. Each consists of
$ORACLE_SID name, VIS2 (for example), and a corresponding
$ORACLE_HOME, /u01/app/oracle/product/8.1.6 (for example).
When the user supplies the SID, or database name,
via a script like .oraenv
the corresponding version of Oracle software is then selected.