Are you just hoping to give them access to your storage account? The recommended approach for this is to use Shared Access Signatures. A shared access signature (SAS) provides you with a way to grant limited access to objects in your storage account to other clients, without exposing your account key.
If you follow that approach then there shouldn't be an issue with the single app registration.
This is more of a Storage question than an Azure AD question so please let me know if I'm misunderstanding anything.