Hi,
I had the same problem but I think there is better solution than using a copy of that compiler. For example you may have two different configuartions in the environment editor e.g.
Serious and one experimentation
In the serious configuartion you put the Env Variables.
MINGWGCC=<path of serious>
and for other configuration
MINGWGCC=<path of exmperimentation>
Now you can use this variable $(MINGWGCC) to configure your compiler and debugger toolchain executables. You can use the env variables configuration even in the project properties.
Another solution I suggest is to use different personalities. If you start codeblocks the configuration is stored in APPDATA\codeblocks\default.conf.
If you start codeblocks from the command line using --personality=experimentation the settings are saved in the configuration is saved in experimentation.conf. This is perhaps the best solution because you may have other menus or less plugins loaded with different personalities. I really love these nice features of codeblocks.
Bye,
Mario