Different OP on each HD?

Is it possible to have win 7 on a hd and win 8 on another hd and then just choose from the boot menu in bios which hd to boot from.

Yes, it is called dual booting.

I did just that for a number of years.

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choose from the boot menu in bios which hd to boot from.

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I don't know of easy ways to do that. If your bios can switch ports as the primary, then maybe. But that would mean manually switching the settings each time, not an easy "choose your boot drive" from a menu.

Is there a reason you don't use a VM for Win8? I wouldn't install that on my primary rig as dual boot.

I agree, use a virtual machine. Especially for testing beta software, it's much safer.