Can we have 2, AA instances running on the same page.
One AA is being hosted by Tealium and another one from Launch.
You can, but it's not advisable. The most immediate impact is that because you're sending 2x hits, you could exceed your licence's volume very quickly, which can increase the cost of your AA bill.
Besides that, sending such hits can lead to inaccuracies in reporting or spending more time to interpret the reports.
So, just don't.