Just to answer the questions that Paul didn’t:
Does it matter which version is installed first?
No, but it does matter which one you install last! The last one installed will associated itself with .veg project files. So you should install the version you will use the most, last.
Will plugins automatically “put themselves” in the correct folder set?
It depends on the plug-in and how smart the installer is. For example Boris RED/FX will find all versions and install correctly, while NewBlue FX plug-ins will make you install twice, once for 32-bit and once for 64-bit. So it depends on how smart the plug-in installer is. The Sony plug-ins that come with Vegas will be fine.
Is 32 bit Vegas limited to using 2 GB of RAM even on a 64 bit machine?
Yes. 32-bit is still 32-bit and will only be given 2GB of data memory unless the application is created as Large Address Aware (which Vegas is not).
Anything else I should watch out for in doing this?
Nothing other than a project created with 32-bit plug-ins won’t have those plug-ins if you open it in the 64-bit version, but other than that, it’s smooth sailing.
~jr
http://www.johnrofrano.com
http://www.vasst.com