On the same 3DS system you only need 1 DLC pack. Not sure how it will appear on the carts when you open the game, but it's going to save any game data to the cart itself, so once you pull out Birthright and insert Conquest, it'll be blank again for Revelations save data. Putting Birthright back in will rereveal the Birthright/Revelations data. Besides that it's too soon to tell if there are any weird things that will happen between sharing data between 2 carts, but it should be fine.
If you're playing them on 2 different 3DS systems, each system needs it's own DLC.
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Topic: Fire Emblem Fates DLC for Both?
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