OK – sorted!
You can have multiple sites (in your sub dir) and switching dashboards without need of logging in to separate control panels.
Make sure – that your subdirectories start with upper-case.
So: http://www.mainblog/lowercasesetup/ (this is your subdirectory) will redirect you to “There doesn’t seem to be a wp-config.php file. I need this before we can get started…..” page,
BUT
http://www.mainblog/Uppercasesetup/ – will just switch Dashboards for you without any errors and unnecessary seperate login pages.