Install Poser Pro without any concern about the existing Poser(s). Each version has its own folder - there is no overwriting.

Once you've installed PP2010, go into the library and add the old Poser 7 folder as an external runtime. Everything that is there will show up in the new library, simultaneously with your old stuff. The new style library doesn't force you to look at only one content library at a time, although if you prefer that style, it would do it. There are many options in the new library to customize it.

There is no need to put this on another drive that has anything to do with multiple versions of Poser installed. However, separate drives can be an advantage in special situations, but these have nothing to do with simultaneous versions.

Render performance increases can be dramatic or mild - depends on which features you heavily tax. In best case scenarios, PP2010 can outrender P7 by a factor of 20x. In others, it's about the same.

Make sure you install SR1 for PP2010 bug fixes.

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Renderosity forum reply notifications are wonky. If I read a follow-up in a thread, but I don't myself reply, then notifications no longer happen AT ALL on that thread. So if I seem to be ignoring a question, that's why. (Updated September 23, 2019)