Sure, you should be able to do that. You would be best served if you’re running the same versions of Particle Illusion though.
Consider this :
• the version that you have includes both the plug-in and a standalone option but the older standalone version that you have does not include the render option - you can only render from within the host
• you can render out to disc from the new free standalone version of particle illusion that was released today (june 17)
• the new version of Continuum (13.5.1 which is being published tonight, june 17) includes the render option in the standalone version