I am a budding android developer and if there is no easy way of configuring the adb server to run on another port then the inflexibility of the tools will force me
With the latest adb version,
Use option -P (Note: Caps P)to start adb server in a specific port.
For Example, Try
$adb -P 5038 start-server
It will list the devices attached to this specific adb server. If the adb server is not running then it will start a new adb server with the given port number.
Hope it helps someone reading this post.
Thanks.