You can have as many instances of Monitor running as you like. They will order themselves to take over in the event that the controlling instance fails.
The same holds true for MonitorProxy daemon. You can have as many of these running as you like.
Remember that Monitor is a WebObjects application. To start multiple instances, you must provide unique instances numbers and port numbers to the adaptor on the command line, as well as the application path argument, like this:
> Monitor.exe -a WODefaultAdaptor -n 1 -p 1067 Monitor > Monitor.exe -a WODefaultAdaptor -n 2 -p 1068 MonitorIn this example, the first instance becomes the controlling instance of Monitor. The second instance becomes active only if the first instance crashes.