If your installing V7 and V8 on the same box, its no big deal, they install in there own direcotry. We have multiple server running both. Just make sure you have enough memory for both, When running 1 version, you only have 1 version of the binarires in memory but when running 2 version you have 2.
You would then goto the instance direcotry of the correspoding version to create your instance, and you would be good to go. Just make sure you setup the ports differently for each instance.
They behave very well together, and have not seen any problems between v7 & v8.