I presume the answer is a no but if I book 2 rooms in separate adjacent properties, can I get the credit for both rooms or will it become an issue due to the overlap?
Correct. If you read the T&Cs they state the member must stay and pay. Given normal circumstances, it is deemed impossible for you to be in two places at once. Yes, there can be exceptions, but that wasn't in the post. And, of course, presuming of the same chain. One SPG and one MR would get you credit in both for now.