Earlier quoted context omitted.
Indeed, that's the approach I use to run multiple copies of Thunderbird. Using a separate account does add protection against browser exploits though (if visiting an interesting-but-risky site, the 'guest' account approach prevents access to the main account - at least as long as a browser exploit doesn't then lead to a privilege escalation).
Although exploitation is more difficult, all programs that run in an X session have complete access to all the other programs in it, regardless of user ids or for that matter the host the program is running on.
The biggest downside is that you lose access to the X clipboard - which is also good, so its data doesn't get compromised.