The short answer: yes, it's as manageable as any other party with different motives/alignments.
Though advancement through the guilds is vastly different you can simply adapt the situations to make it count for everyone. Here's an example of some elements that can be pulled from the same situation to apply for some of the guilds.
The party stops a murderous bandit group.
- Selesnya: Preserving the lives of the innocent.
- Boros: Dishing out justice.
- Orzhov: Eliminating competition and increasing revenue for the
Syndicate, or perhaps they were direct competition with the
character's own plan for wealth.
- Rakdos: Did the player get to burn something and cause chaos in the
process? Perfect.
etc, etc...
The themes pulled from the above situation can then be applied to the specific advancement criteria in some way. Flexibility will go a long way in letting each player climb the renown ladder regardless of their guild. Each guild views every action differently so it makes sense (and for better gameplay) if each player can advance by playing the same game.
There will be times when guild alignments call for each player to want a different outcome or use different methods. That's perfectly fine. The Rakdos Bard may want to burn the building where the bad guy is hiding to the ground without regard for innocents. The Selesnya Paladin might charge in with the Boros Fighter to save people after the Bard starts the fire. It will create drama between characters and give that feeling of "my choices matter".
That being said it is very hard in general to make a Lawful Good Paladin fit in with a Chaotic Evil party. The Paladin will want to save the village while the rest of the party are the ones destroying it. If you can't find a way to make a guild fit into what you have planned consider asking your players not to choose that one. If a player wants to be Evil I generally allow only Lawful Evil characters, as Neutral/Chaotic Evil characters go against (almost) all of the campaigns I write. Players are usually okay with that when I explain why.
Either way - rather than just restricting a guild or changing advancement criteria, I'd recommend trying to find ways each event "fits" with each of your players' guilds.
