welcome to WebmasterWorld, troyd1!
i can't address your installer question.
will both virtual hosts be on the same IP address?
i usually prefer to use another virtual host (such as a subdomain) vs another port for development purposes, but your solution may work as well or better, especially if you don't have a wildcard subdomain SSL certificate.
i would recommend using something like HTTP Basic Authentication to prevent unauthorized requests from getting access to that server's content before you are ready to go live.