With JMS, you can effectivelly create websites with different domains.
Concerning the question of "exclude certain product", this depends on the extension that you will use for the management of the products.
This is possible with Hikashop that has an additional functionality when JMS is present.
Hikashop allows filtering (select) the hikashop categories that must be displayed in a website. As the product can be attached to several categories, you can decide in which website they are displayed.
www.hikashop.com/download.html?partner_id=16361
With other eShop system like VirtueMart, it is only possible to share all the content between all the websites and not a particular product.
With JMS medium edition, it is possible to automatically redirect user to the appropriate website depending on his location.
So if you have a customer located in New Zealand that access the Australian website, it is possible to automatically redirect him to the .co.nz website.
Concerning the payment gateway, this depend on the eShop extension.
With Hikashop, it is possible to setup the website to have specific payment system per website and also share "partially" the hikashop concerning the categories.
Concerning the google ranking, the website are independent as long as you apply the recommended architecture proposed in our tutorial video 0.b.
The key element is to avoid that you have a wesbite that is a subdirectory of another domain.
It is also recommended to avoid duplicated content to avoid penalties in google.
You can used JMS under J1.5.
Concerning VirtueMart, all the products will be identical in each website.
The payment gateway is also identical with VM 1.1.x. With VM 2.x, the payment gateway information is stored in DB and is therefore specific for each website.
See Hikashop that provide the possiblity to have specific product per website and also different payment gateway settings.