This will have some success until the scanning radio pics up on the channel you are talking on and you get heaps of feedback rendering the set up useless. If you can get the scanning radio to skip the radio freq that you are going to talk on you might have a chance.
That dual watch reference in the link above is possible because you have two receivers in the same box, one on AM on one frquency band and the other most likely on FM on another frequency band.
The freq separation is part of the problem as transmitting a signal many times stronger than a received signal will render the receiver (or nearby receiver) deaf to any other signal.
I suspect that what the OP is after can be achieved on a modern radio with a scan capaibility as long as they are prepared to forego listening on one freq while transmitting on the other and only listen to one freq once active. Even with a priority system you will not be able to listen to both channels at the same time (that's why it is called a priority system).
SELCAL is a selective squelch more often used to share a channel where your squelch will only break when the seleceted SELCAL code has been detected.


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