I don't think it should work. The prompt to create a private space says that the apps will stop when the space is locked; it might work as-is but risk to not work in the future post-update. You could always try with a program like KeepassDX and play with the different options. It uses the near universal kpbx file format, which are encrypted and can either be kept local or synced over the network. I don't have any needs for the later.
And you can have as many kpbx files as you want and expirement for free.