If you use Windows XP you can use Fast user switching and keep two Outlook profiles loaded.

Create a second Windows user account then go to Start, Log off, Switch users to change to the other account. It takes a few seconds to swap users and you can leave Outlook running on both. Is it faster than switching profiles in one Windows user account? Possibly... but it also means each user can have different options configured in Outlook.

Note: Fast User Switching is available only on XP Home and non-networked Pro. If you join XP Pro to a network, you'll loose FUS.