And btw. since 1.2, gamelauncher doesn't supports any kind of tshock mods.
You can easily name the original (cracked) terraria for: terraria original.exe
infinest's client: hacky terraria.exe
terrahax client as: cheaty terraria.exe
or whatever, since, you can have multiple "XYZ terraria.exe"s at once, and you mustn't replace them either. The main point will be, they should consider their location in the "Terraria" folder, besides of the "Content" folder.
I am always renaming new/other executables from terraria/hacked terraria clients, and can choose which one to start without messing around replacing the files over and over again.