Short answer to your question is NO.
I'm not sure if you can run multiple instances of JMeter on a single machine. Even if you can run multiple instances of JMeter on a single machine I can most definitely say, you cannot setup distributed testing testing environment with Master-Slave architecture for them. You see to have such a set up configured you have to get the IP address of Slave Systems and configure them in the Master System. When you run the tests the Master commands the Salve to execute the script and it does this based on the IP address of the Slave System.
Now let's consider what you say;
You are running 4 instances of JMeter on single machine.
You plan to make 1 of those Master and the remaining 3 Slaves.
At the end, since the system is 1, it has 1 IP address.
Now, how do you set up 4 IP addresses 1 for the Master and 3 for the Slaves for a single system?
You may try an alternative. You can set up multiple Virtual Machines on your System. Assign different IP address to each Virtual Machine and then configure them as Slave systems and your actual system as the Master.