Three iTune accounts have become mixed up on our computer.  I want to run separate instances of iTunes for each

Three iTunes accounts have become mixed up on our computer.  I want to be able to run three instances of iTunes independently.  Thanks,

Hey Shootist000,  Thanks for the replies.  First off, I am actually okay if we both have each other applications so I am not concerned about that. It is still unclear from what you have said as to whether I can in fact, use these two separte time machine backup to create two separate profiles on the new hard drive.  If that in fact can be done, then - will it create two copies of the apps we both have in the ROOT of the drive as well as placing all the ones we each have separately?
And reading your second reply, makes me think that maybe the partition is the way to go to begin with and then down the road - after I am in the new iMac, I could reformat the iMac 27 with only one partion and restore my son's latest back prior to the reformat thus giving him full access to the 2 TB of the drive.
If this is still making sense, does this mean :
replace the 1TB with a 2TB - but have it partitione - 1.5 TB & 500 GB.
Install(Restore using Time Machine) my latest back up prior to the  1.5 partition
Install (Restore using Time Machine) my son's latest back up prior to the 500 gig partition
Lastly, in order for us both to be using the partioned computer - I am assuming Switch user can no longer be used - so would we need to restart and select our respective partions in order to use the computer?   And if so, how would we each be able to be using time machine to back up - two separte external hard drives - with each one dedicated to only one partition? Or ? 
Thanks so much.
Ironically, I am only trying to do this so that I don't need to manually install all his apps, setting, games, blah blah for this temporary period.  :-)

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