Thinking out loud here...
I can create multiple sites and host multiple domains in a single account, however, Godaddy only allows you to change the PHP version "per hosting account" so that means all sites under this account (even if in a different folder) would have to use 5.3 now that I have selected that option. I do have other hosting accounts, however. I will have to copy the site files, setup a new database, point DNS for a new domain, add to godaddy's hosting, and change all the proper wordpress files to make it work. Let me check my other accounts to see if I have one that is running on PHP 5.4 and if so and if it will help, I will do this.
Regards,
Jason