Assuming a quad-core processor, although the same could be done for 6 and 8 core machines, as well.
cpu 0: Terragen instance 1
cpu 1: Shared
cpu 2: Shared
cpu 3: Terragen instance 2
lowest priority for both instances of Terragen. I find this is a useful setup. It gives each instance of Terragen a dedicated processor and 2 more if they aren't being used. Generally, while the next test render is being performed, I'm setting up and making changes on the other one. It also allows a bit of processor leeway to have other things going on while working; music, YT, etc.
I'd be interested in other people's workflow, if different. Or am I the only one who does this?