Back up your Titanium files if you aren't sure about what you're doing...its generally a good idea to do anyway in case you ever lose your UI / log files.
Like others said though, they are totally different installs. Put them in different directories and it will work fine.
Also, if you are running any programs on live you shouldn't be then make sure they aren't running with p99 open...even if you have them running in the background you could get flagged for it on p99 (which could mean a pretty fast ban).
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