I know this is a long time after the original post, but I also found myself wanting to do this, and there is a really easy way to do this now. This is only any good if you want to run multiple copies of the same (presumably latest) version. If you want to run older versions for development, etc, you'll have to use other techniques.
This uses Firefox "profiles", which have been in Firefox (and predecessors) for ages, but used to be quite fiddly to use (command line options). In recent versions of Firefox, there is now a nice easy UI to use. Each profile is like a separate user account for Firefox, and has its own history, settings, bookmarks, add-ons, and local storage (including cache and cookies).
Simply type
about:profiles
into the address bar, which will take you to the profile editor. You'll see at least one "default" profile, and if you've ever used "nightly" or "beta" versions of Firefox you'll see additional profiles for those too. Click the "Create a New Profile" button at the top, and follow the wizard, which starts with a good explanation of what profiles are. For most cases, simply giving it a sensible name (say, "Work") and allowing the default folder (under Library/Application Support/Firefox/Profiles as for your default profile) is probably fine.
Now, for every profile that's not currently in use, you'll see buttons underneath, including "Launch profile in new browser". Click that button, and it will launch an entirely separate copy of Firefox using that profile. You can verify that it's using the new profile by looking at the settings, which will all be set to the new user defaults.
Yes, it's a bit of a pain to go through
about:profiles
to launch the extra copies, but once it's launched it's just another icon in your Dock. It might be a good idea to change some cosmetic settings in each profile so that you can easily recognise which one you're looking at.
There are also some solutions circulating using Automator to start Firefox with an alternate profile. That is still an option even if you use Profile Manager like this.