The following document says:
This is easier to do and does not require a sysadmin. However, it is not the preferred approach for production systems for the reasons listed above. This approach is usually used in development to try out clustering behavior.
What are risks with this approach in the production environment? In weblogic, it is pretty common, and seen few production environments running with multiple ports(managed servers).
https://community.jboss.org/wiki/ConfiguringMultipleJBossInstancesOnOnemachine
The wiki clearly answers that question. Here is the text from the wiki for your reference
Where possible, it is advised to use a different ip address for each instance of JBoss rather than changing the ports or using the Service Binding Manager for the following reasons:
On a whole, having an individual IP addresses for each instance of an app server causes fewer problems (some of those problems are mentioned here, some aren’t).