We do multiple motors per vfd fairly often, usually two motors but sometimes more. One thing I see NOT mentioned above anywhere is that each motor branch has to have individual overload protection sized to that motor. The vfd's built-in protection has to be set to cover both motors although the situation described, with the contactors interlocked so that only one will run at any one time, might exempt you. But the overload protection requirement is in 430.124(C). The multimotor applications we use are all simultaneous run, typically multiple fans in some flavor of ventilation system. You have to make decisions about load side overload protection (required) and load side contactors (application driven). If you have two or several motors, each with its own overload protection, do you interrupt the drive enable or run control circuit for ANY overload trip or just when the last overload trips?
I have been told by a VFD engineer that the risk associated with opening a load side circuit interruptor is not THAT great, but does exist. So it may come down to potential cost of a replacement VFD vs. added cost and complication at installation. On the other hand, I encounter more and more OWNERS that require that any disconnect or contactor that turns off power to a load be interlocked with the power source so that it is de-energized any time any of those switches is opened. That protects maintenance people from assuming (yeah, we all know) that the line side of a remote disconnect is safe just because the motor has been turned off. All that control wiring can add up when the motors are far from the drive or starter.
I work with many EEs who ignore 430 Part X, which requires UPSTREAM circuits to be based on the full INPUT amp rating of the VFD, not the HP of the connected motor. Since most VFD's seem to be built in common KW steps rather than HP steps, it is very common to have a VFD with a very high input amperage rating. For example, an Allen-Bradley PF400 25 HP 460/3 VFD has an INPUT amperage rating of 40 amps compared to 430.250, which lists 25 HP at only 34 amps. That can add up if you have many VFDs on the same feeder, possibly pushing you to a larger wire size or larger breaker frame size.