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I do not believe it is possible to have both codecs open at the same time as they both rely on the MJCP hardware accelerator, thus for example if you had JPEG open and you tried to open MPEG there would be some sort of hardware conflict where both codecs are trying to use the same accelerator at the same time. The errors you are getting may be something else, though I would expect some sort of error if you tried to open a second codec. You could probably switch between them from the same program by closing one and than opening the other, though I have not tried this myself.
with proper configuration, JPEG and MPEG4 codec can be used in diferrent threads, but they can not work at the same time.
For Example:
Thread 1 : 720p JPEG encoding cost 23ms
Thread 2: 720p MPEG4 one frame encoding cost 25ms
Total Cost will be at least 49ms.