Yes, this shouldn't be any roblem. Of course you need to re-install 7.21 back on the machine before you can start it up. It is wise to install both versions at once (lowest version first). The reason for this is a few shared libraries Informix will install in the general lib (/usr/lib) directory. The newer version are downwards compatible (that's why you need to install latest version last).
Remark: From version 9.40 and up informix is not placing files in the general library path anymore. So from this point version are really independent.
Hope this helps,
Rob Prop