Running sde.exe -nhm -bmi1 1 -- TestConsole.exe command don't take into account the -bmi1 1 option.
It emulates nhm instruction set correctly but doesn't emulate the bmi1 instruction set.
Is it possible to combine them some other way?
Unfortunately its not possible to combine both arguments as mentioned here. But there is an alternative to specify custom CPUID definition file as mentioned here and emulate only the specific instruction sets.