To run 2 emulators at the same time, I would recommend running them both as virtual sessions (like in VMWare) and "bridge" the connections. Make sure you have static IP addresses for each VM.
As you're simply sending text between them, I would stick to HTTP at this stage just to get the proof-of-concept working. Just don't complicate your life too early. Http should be the easiest common denominator to work with for Wifi or Mobile carriers for now.
If you abstract the object model appropriately, you can later use other communication protocols by overriding the classes. The networking component should be transparent to the application.