Quba

Yes. All you have to do is rename the directory name to 'Grand Theft Auto V' for which ever version you want to run and run from the corresponding desktop icon. Both game folders have to be in your common folder for this to work. You just HAVE to be careful you don't forget to swap folders and accidentally run normal when your modded folder is in the name path because that will launch the game. Wont run the mods, but the files are there and if Rockstar detects them, Boom! Ban hammer
 
 

Check out this tutorial video I did on working with backups, and running multiple installs to make it easy to switch between online and single player modded game:
 
 

You can't use LCPDFR with GTA V. LSPDFR is for GTA V.

If you have RPH running and/or have scripthook installed, you shouldn't even be able to get into Online, so you shouldn't get banned either. You should be fine removing scripthook and not starting the game with RPH for online play, but I would still recommend to have an unmodded game folder for Online.

It's better to just close the game and load the online directly! You can also make two GTA V folders, one with mods and one vanilla and switch between them to play on a clean install!