Is it possible? Certainly. Is it worth the effort? That's up to you.

A simple solution would be to have one document with both versions in it, restarting page numbering at the beginning of the second version. Use some method to repeat the common language. There are some where a change in one part will change all.
Which method is best may depend on the extent of the common language and whether you can use macros in your environment.

Read this (all of it) and write back with questions: Repeating Data (Populating Multiple Like Fields)