Agreed.  For the most part, you can create a separate, external runtime for V4 and content.  Carefully read the default installations for PP2014, Programs Files folder is no longer the default destination.  The old ways no longer apply.

As a side note, upgrading to PP2014 from P7 will mean that you unlearn the old methods of doing things.  Gamma correction is a prominent feature in the Pro versions; learn about it how lighting has dramatically changed because of it.  IDL is another feature; also come to terms how it also influences light set ups.  

You have a lot to relearn if you want to use this application successfully.