It depends on the file spaces more than anything on the current release.
Basically, you can issue a restore command for each file space which is a
drive letter on NT and a mount point on UNIX (or a TSM virtual mount point).
If the restores collide with each other they will wait for the tape to be
released.  Collocation prevents that to a large degree.

Under V5.1 enhancements are coming that will do it dynamically for you.