You can run violet, red, and IR at the same time. They are all seperate diodes in the case which share common.
I tried my little pointer with red and violet at the same time, but the red is so much more power and appears so much brighter that I'm not able to tell the difference between just red, or red with violet. The focal difference doesn't seem to be nearly as different as you would think. I think it's possible that they mounted the red diode at a different distance inside the LD houseing to help compensate for the difference in focal length.
On the bright side, the PS3 laser assembly includes all the parts needed to split the red from the violet, focus each one seperately and re-combine. Personally, I just enjoy keeping my blue pointer the size of my index finger, and wouldn't want to clutter it up with other parts, but for a lab module it might be neato.
Best Wishes,
-Luke