Backup iPhone question

When I bought my iPhones and also bought a backup iPhone. It's still in the box unopened. I always buy a backup because I only have a cell phone. So I buy a backup of the phone I am using at the time. If my cell dies at 11pm, I can just put my SIM into my backup. Been doing this for years.
So. The unopened iPhone. I wanted to connect it up and update it to the latest software. Then put it back in storage for backup.
The question is:
Is it possible to take an iPhone, update it and then go back to my main iPhone? My iPhone is an 8 gig version. The backup is a 4 gig.
Do I have to activate the backup iPhone if I connect it to iTunes to update? Will this screw up my ATT account?
Can an iPhone user go back and forth between iPhones?
All other cell phones I've owned over the years I could just swap out the SIMS. The network didn't care and activation was a non-issue.
Anyone see any problems with my iPhone scenario?

This should not be a problem but you must activate this iPhone with AT&T and iTunes to be able to use it and/or update it with any available Apple updates but this will or should be an abbreviated iPhone activation process of the original since you are using an existing AT&T SIM card that is already activated. This will have no affect on your AT&T account. If an iPhone is lost or stolen, the same applies.
Once this new iPhone is activated with AT&T and iTunes, you can switch the SIM card between iPhones and you can use your iPhone's SIM card with another AT&T provided phone or an unlocked GSM phone.

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