It is possible to install and use TeX Live with binaries that are not in the original distribution. The most common case for this is when you are on a platform which the original TL distribution did not support. Here are the steps:
Regarding subsequent TL package updates from the net: ensure that you have wget, xz, and xzdec available in your PATH; otherwise, TL will have no way to download or decompress packages. Also, there will be no updates to the platform-specific packages in TL, since the custom platform doesn't exist in the canonical TL repository.
If you want to install a second set of custom binaries (from, say, /tmp/barbin), you have to manually rename the first set, like this: