The safest solution with Apache is to use PHP as a CGI module, because you can then use suEXEC to change the execution permissions on a per-owner basis. I'm sure there are similar solutions for other webservers out there.
If you <i>must</i> have PHP as an Apache module, you'll need to closely audit the PHP scripts. This could get time consuming, and it's not as solid as using a suEXEC-type mechanism.
HTH,
AC