It's most strongly dependent on the package distribution system you use. For example, with MacPorts, you can install multiple pythonPython packages and use the pyselect utility to switch the default between them with ease. At all times, you're able to call the different pythonPython interpreters by providing the full path, and you're able to link against all the pythonPython libraries and headers by providing the full paths for those.
So basically:, whatever way you install the versions, as long as you keep your installations separate, you'll able to run them separately.