Updating on new, leaving LR4 on old computer - installation and working

My old computer can't run LR5 (10.6.8) and I use LR4. I just got a MacBook Air and I would like to use LR5 on it. Given that you can run a license on 2 computers, is it possible to have LR4 on the old MB and LR5 on the new MBA?
I understand that I don't need to migrate LR4 over to the MBA but can just get the upgrade and plug in the serial number for LR4 when it asks for it. (According to http://blogs.adobe.com/lightroomjournal/2013/06/lightroom-5-hot-issues.html)
As long as I'm not using them at the same time, is that still acceptable/going to work?
Along with that question, with the images on an external drive - they can all be in 2 catalogs, right? Can stay in the LR4 catalog as well as be brought into the new LR5 catalog. What would happen if I want to (for some reason) take an image that's been worked on in LR5/MBA and work on it on the MB/LR4? Since it's using the same PV it shouldn't be an issue, right? I just can't adjust any of the stuff that only LR5 can do.
Thanks for your help.

Isn't that what you said? To install LR4 and LR5 on separate machines you need a full-product license for both LR4 and LR5, not just a LR5 upgrade license. I just checked the LR EULA and that's what it seems to indicate:
http://labs.adobe.com/technologies/eula/lightroom.html
2.4 Portable or Home Computer Use.  The primary user of the Computer on which the Software is installed  may install a second copy of the Software for his or her exclusive  use on either a portable Computer or a Computer located at his or  her home, provided the Software on the portable or home Computer is  not used at the same time as the Software on the primary  Computer.
5. Updates.  If the Software is an upgrade or update to a  previous version of Adobe software, you must possess a valid  license to such previous version in order to use such upgrade or  update. After you install such update or upgrade, you may continue  to use any such previous version in accordance with its end-user  license agreement only if (a) the upgrade or update and all  previous versions are installed on the same device, (b) the  previous versions or copies thereof are not transferred to another  party or device unless all copies of the update or upgrade are also  transferred to such party or device and (c) you acknowledge that  any obligation Adobe may have to support the previous version(s)  may be ended upon the availability of the upgrade or update. No  other use of the previous version(s) is permitted after  installation of an update or upgrade.Upgrades and updates may be  licensed to you by Adobe with additional or different  terms.

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