You just need 2 separate installations of EQ essentially.
Sony usually wants to install EQ in a certain place, just be sure that your P1999 folder isn't the same place and there shouldn't be a problem with overlapping files etc.
If installing Live EQ causes problems because of your P99 folder, move the P99 folder onto a USB stick, install Live, then move the P99 folder back.
I'm not too articulate at this time of night, but I hope that made some sense
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