You can't move accf saves to sd card without homebrew channel
No. You can't play them while they are on the SD card.
This can be easily done with two SD cards.
1) Your brother plays the game and makes a save file.
2) When you want to play you move his data onto one of the SD cards.
3) You then insert your other SD card and play.
4) When you are finished save the data and move it onto the SD card that is currently inserted.
5) You now have two SD cards both with different AC:CF data on them.
6) When one of you wants to play just insert the correct SD card, move the data to the wii and play.
7) When whoever is playing finishes remember to move the data back onto the SD Card.
I think that should work. Also, it would be a good idea to somehow put your name on the SD cards so they don't get muddled up.