This sounds like madness - if you think this won't be a distraction then you are kidding yourself.
Coding to destress, I can understand that. So code something that's related, but non-core, to the business and that's not tied to what you're doing during the day.
Or maybe I'm totally wrong. In my experience any amount of split focus is to the detriment of both projects/startups - and you need all the help you can get.
Would be curious to see what PG thinks.