No don't do it. It'll be very trackable with it being on the same hosting account with the same name servers. I'd suggest you look at the following link for a more safer solution:
http://www.seohosting.com/
If you are going to try and network in that kind of way, you need to have multiple hosting accounts. You can also host your site on a VPS too. Preferably, a Linux VPS.
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