FCP7 & Avid MC6 on two partitions of the same HD drive

Hi,
I've been an Avid user for many years but never had to take Avid projects home with me. So up until now, I've only had FCP on my home system. But now I need to be able to edit on both programs from home (and I don't wish to upgrade to FCP X). I've also just bought a new iMac (3.4GHz Quad-Core Intel Core i7) and I want to make sure I can run both FCP7 and Avid MC6 on this machine.

My questions is this: Is is possible/reasonable to partition the 1 TB drive into two internal disks and instal Snow leopard on one partition solely for the sake of keeping and running FCP7 without too many system related issues (I have FCPS2 with a FCP7 upgrade) and Lion on the other partition for Avid and all other applications that are compatible with it?

Or should I just first instal snow leopard on this brand new computer and after installing the FCP studio, upgrade to Lion and instal Avid?

I would really appreciate any advise anyone can give me regarding this.

Thanks,

Mahi