ya you can install both the version, it does not effect any problem. create 2 different start up. copy that old configpro and open a new directory and paste it. show the path for that config pro for new version.
My sujection is please dont mix both the config pro for diffent version
Its fine to load multiple versions on one machine. I have 2000i, 2000i^2, 2001, and wildfire on mine. I leave the old versions on just in case you need it to work with a customer or supplier still using that version. It is also nice to use the version your familiar with to get things done until you are comfortable with the new one.
The main thing you need to be aware of is that each version will use up a license. So you can only run one version at once unless you have multiple licenses available.