If you got PiP working, then you found it and set it up already. PiP just swaps two existing pre-defined regions. You define them under the maximizer area of keyclone which is where you specify the key sequence you press to swap PiPs.

If your current character is in your main window of 1440x1050 and you hit the PiP for one of your alts in an 800x600 window, then your alt will be displayed on the 1440x1050 and your former main will move over to the 800x600.