Considerations for running current cvs pgsql and pgsql release on same machine?

I'm wanting to run pgsql 7.0.3 release and pgsql current cvs on the same 
machine without them conflicting (if possible).  Can someone explain what I 
should look out for when trying to do this?

I assume I'll have to configure --with-pgport=5433 (something other than 
5432).

How will the use of the environment variables PGDATA and PGLIB be affected if 
I have them still pointing at the release version?

I'm wanting to begin keeping an updated pgsql-cvs installation running and 
maybe get active in working on the sources.  Maybe I can start out with 
documentation stuff.  I've been following this list long enough and still 
enjoy it so I want to try towards contributing stuff.

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