In theory, this would do. I have tried this several times in the past and found it very impractical to have to live with two Python versions on the same system, given that Python, like also Perl, is used by so many components. I may have done many things wrong but experience taught me to better simplify things and live with one python version only. It mainly depends on the (huge amount of) time you can afford to straighten out avoidable problems.
I must say that since python 2.3 and 2.4 I never tried dual setups anymore. Indeed, Debian would be my preferred distro if it weren't for python 2.3. malv -- http://mail.python.org/mailman/listinfo/python-list