The IP Address drop down just specifies which IP address THAT server will use to host a website it has. If you had a server with multiple IP addresses and multiple sites, you could specify which sites were hosted on each IP address.
If you want to host different sites on each server, then each server should be configured individually with a static IP address and hostname, and you would use DNS to point each site to its respective server using CNAME or A records.
For example, say you have five sites. Site 1, 2, 3, etc. Sites 1-3 are hosted on server A and sites 4 and 5 are hosted on server B. You would configure each server with it's own static IP address and hostname A record such as:
A 1.1.1.1 server-a.example.com
A 2.2.2.2 server-b.example.com
Then you could use CNAME records to resolve site1.example.com to server A and site4.example.com to server B and so on and so on.
I'm sure others in the community will have some other suggestions but that is how I would approach it. Hope that helps.