How do I get 2 Versions of Psychtoolbox running with two versions of MatLab?

Hi all,

I currently have 2 versions of MatLab, 2011a and 2007b. I need the older version of MatLab to work with the current setup of my lab. On MatLab 2007b i'm using PTB version 3.0.8 which does not work on MatLab 2011a because it is not compatible with 64 bit.

Can I run two versions of PTB without screwing everything up? My initial intention was to just create two folders of PTB, with each MatLab linked to the path with the PTB compatible folder (MatLab 2007b with 3.0.8 and MatLab 2011a with most current PTB). I'm wondering if i'm missing anything terribly important.

Thanks in advance,
-Russell