You can hotswap USB mice with little problems; with the PS/2 port you can run into problems, but it can work.
The biggest problem with PS/2 is it checks which mouse is hooked up only at bootup. During the check, it talks with the mouse and negotiates what protocol both should use. When hotswapping, the new mouse didn't talk to the computer, and it's default protocol can be something different than what the other mouse decided on. Usually the differences are scroll wheel/not scroll wheel, or 2/3/4/5 buttons. If you use the same 2 button, no scroll mouse for the trackball & spinner hack, it can work most of the time.
The other big problem is PS/2 is not designed for hotswapping, and there can be damaging electrical surges when you swap. Not likely, but is not in the specs, so cheap devices or motherboards might be up to spec but not ready for hotswapping. 99.9% you'll be find, but....
I suggest USB if you want hotswapping, or Optipac.