sorry, but frankly, I just don't know. I would think that you could possibly partition the external drive and use it for both Catalina and parallels with mountain lion each on it's own partition. but I would have no clue on if that is possible or not as I have never experimented with parallels to understand the inner workings of it. if you can install mountain lion onto an external SSD using parallels I would dedicate a separate external SSD to each of those macOSes. but again, I'm over my head with this aspect of your question. maybe someone else will weigh in on this.