Yes, the scsi card readers are hotswappable on all slots, i recommend leaving the boot drive in the cf slot,and then use the pcmcia adapter as the swappable slot.
If you don't want the machine to boot off it,either set the partitions as non bootable or set the boot priority different than the boot drive in Hdtoolbox.
You can do many things with them. You can have 5 separate boot drives,use other slots for backups,put macos/pctask on seperate cards so no chance of corrupting sys partitions.boot multiple os's off seperate cards which is available in the early boot menu etc. by staggering the boot priority in the partitions,you can select them in early boot menu and still have the main card boot the os.
I just received some PCD=47B card readers in that are 4 slot and do not use luns. they take up 3 scsi id numbers and although slower than the pcd-50b,are very useful for some picky music samplers as well as older amiga scsi controllers that cannot use SCSI LUNS properly. It gives a good way to go solid state.
The PCD-47B will allow booting off a card in the cf/SM slots directly without the pcmcia adapter on machines that cannot use luns.
Mech