It will work fine, but they will not be aware of each other. You cannot cluster differently versioned SEMS together, so they will have to operate independently and manage different sets of clients (or you can point all clients at the new one, as the 3.4.2 SEMS can manage 10.3.2 SED Clients, but a 3.3.2 SEMS cannot manage 10.4.2 SED Clients).
You're also fine from a license perspective, and you can have as many SEMS in your estate as you want, for the purposes of managing your SED Clients.