Sounds reasonable to me. On the other hand....
cd r13src && ./configure
--prefix=/opt/erlang/versions/R13B01 --etc && make
&& make install
cd r14src && ./configure
--prefix=/opt/erlang/versions/R14B01 --etc && make
&& make install
...etc
ln -s /opt/erlang/versions/R14B01 /opt/erlang/current
export PATH="/opt/erlang/current/bin:$PATH"
export ERL_TOP="opt/erlang/current"
That way you can swap 'em around easily. You can also use
https://github.com/spawngrid/kerl for this, or
https://github.com/hyperthunk/evm (which is incredibly stupid, but
therefore easy not to get confused by).