One thing not explicitly mentioned so far: you need two instances of AEM. Ports 4502 and 4503 do not indicate different modes of the same instance, since AEM only listens on one port (in general). Therefore, you will need to copy the Author banner into the new directory and name it something like cq5-publish-4503.jar
Additionally, you may need to update maven maven files to deploy code. However, you can install installed machines for automatic replication / publishing.
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