I do not have a definite answer to that but here are some information that might interest you:
1. Liquid and Studio shares the same pixie file. Better backup the pixie folder before you install Studio.
2. As far as I know, they do not use the same filter so those should not conflict.
But as we always recommend, make an image of your hard drive using Norton Ghost or Acronis so you have something to go back to in case something messed up

Others?