Information on this page pertain to MBR and legacy (BIOS) boot. I don't like UEFI and have always avoided it, so I have no experience with it.
The rule of thumb is to install from old to new; that is, install NT 3.1 first, and then 3.5, etc.
Prepare a primary partition that is 1 GB in size, preferably at the very beginning of the hard disk, and make it active. This partition is the "boot partition" and will house boot files such as boot.ini, ntdetect.com, and ntldr (for NT≤5) and the BCD and bootmgr (for NT ≥6). While the boot files themselves are nowhere near 1 GB large, the active partition is used by setup.exe to store the OS setup files to boot from, so if you plan to use setup.exe to install any OS, 1 GB would be required for the boot partition. WinRE will also be put in the \Recovery folder of the active partition. In case of NT 3 and 4, the boot partition can also be used to hold the contents of the installation media; if the files are placed too far away from the beginning of the hard disk, setup might not be able to read it. The filesystem of the boot partition probably needs to be FAT (at least for the very beginning; I haven't tested converting it to NTFS after everything has been installed) for NT 3 and 4, but can be NTFS for NT 5 and above.
And then, create a partition for each OS you install. This is the partition where everything else (%windir%, %userprofile%, %programfiles%...) will be. I call it the "OS partition". These "OS partitions" can be logical partitions in an extended partition. I have not tested making them primary partitions as I prefer making them logical ones.
While it's probably possible to just make one of the OS partitions active, thus merging the "boot partition" with one of the "OS partitions", I like to separate the concerns to avoid confusing myself.
Someone said online that NT is made for multibooting. But, at least with the earlier versions of NT (3.x and 4.0), there are many issues, including filesystems.
I tested NT 3 and 4 multibooting in a VM in VMWare Workstation, and have done a multibooting configuration of XP to 10 1507 on real hardware. I haven't tested NT 5.0 aka Windows 2000, but it should be doable using the same steps as XP.
For NT 3 and 4 you can just specify the installation directory to be in the "OS partition". The official installer would place boot files in the "boot partition" and everything else in the "OS partition" just like how I wanted.
For XP and above, except Vista, I use WinNTSetup. It's straightforward to use and shouldn't need explanation.
For Vista, WinNTSetup cannot change the installation partition to the "OS partition". Instead it would have to be the "boot partition". So I had to use setup.exe to install Vista, to get the setup I wanted. As setup.exe copies files to the "boot partition", if it's not large enough, setup.exe cannot continue.