There are no requirements from HC panel except that fastcgi mode should be selected for PHP in order to use its multiple versions. The settings of PHP are already explained in the WebServer settings section as given in the below link :
https://help.hostingcontroller.com/hc10/default.aspx#pageid=adding_a_web_server You can easily specify the path of each PHP version according to their actual configurations on the servers.
Note : Mandatory part of PHP configurations is that it should be properly installed and configured on your IIS or Apache Server. And then you can specify the configurations in HC panel too.