Two versions of LSF will result in two resource managers thinking they have complete control over the machine's resources which will not be the case. Bot could think that a machine is good to launch a job on which will cause two jobs to go to the same machine. Not good workload management.
If your concern is putting a newer version of SAS on a machine without upgrading LSF, that is not a problem. SAS 9.4Mx comes with support for older versions of LSF, albeit possibly with reduced functionality. For example, 9.4M6 will support LSF 9.1.1.1 but ships with LSF 10.1.0.6