Having Live and EMU installed at the same time. How?

[Weekapaug]

I'm new to EQEMU. When I installed and set everything up for P99, I had been a way from EQ for a while and didn't have it installed. With the upcoming merges on Live, I need to reactivate my accounts and make sure my mules and everything don't poof, etc.

How do I have an install of live and an install of this on the same box at the same time?

I was thinking I would just move the entire (modified for EQEMU) EverQuest directory out of the "Sony" folder on my C drive into a new directory and then create a new desktop shortcut for it. Then install live as normal.

Would that keep everything functional and free of conflicts with Live? If not, how do I do this?