Yes, you can have as many different pricing groups as you like, and as many different discounts for each product as you need. If multiple discounts apply to a product for a certain customer, the lowest price will be used. Please also keep in mind that you can not exclude products from discount rules, so you'll only want to set these up at a level that includes only items you wish to discount. Once an item is discounted via a rule, it can not be removed from the rule - so your only option to stop discounting it via that rule would be to either delete the rule or remove that item from the collection (if a collection level rule is in place). Customers will only see the discounts associated with the tags on their account.
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