What's the score with old & new versions on same computer

Hi
Have read conflicting articles/blogs about having old FCP and FCPX on the same computer. I have even read a page from Apple saying that you should partition your  drive and have both versions on separate start up disks. Is this the case? Seems a lot of people have had one version affecting the other.
I have an imac which is sealed so I can't put a new drive in there and I wouldn't feel confident partitioning as it will wipe all my stuff.
What to do?

Boot off an external fw disc. Install fcpx on that.

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