Keep SL when upgrading to Lion?

in Mac Software edited January 2014
In order to continue to use one remaining PowerPC app, I would like to keep Snow Leopard when I upgrade to Lion. Any suggestions as the best way to do that?

If partitioning is the best way to do it, can I partition my iMac HDD without deleting Snow Leopard? What is the best way to partition to contain SL and and only the PowerPC app?

Other than losing disc space, is there any downside to doing this?

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