First, I agree with Yoli. I don't believe CA allows notaries to have a dual commission (which is what it's called; it's not a 'license').
Second, you didn't say why you want to be a notary. Have you done any research into the viability, potential, amount of competition, etc. in the areas you'll be in?
And finally, this statement: "Or am I just asking to get fined/jailed for lying to one or both of the states when they decide I'm not really a resident?" I hope you were joking. If you're even considering this, I don't believe you qualify as a Notary Public. Our office represents integrity in a transaction and requires adherence with the law, and if you're even thinking of starting off doing something illegal, you should find something else to do. Besides, if you plan to do any promotion of your business, it wouldn't be something you could hide. Just sayin'... 
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