That's the exact combination I have at present, and am having no problem.
It's not essential, but a common recommendation is to install them in
chronological order (the reason I say it's not essential is because some of
the MVPs have deliberately installed in the opposite order, just to see
whether there are any problems). It's essential that you install them into
separate folders, but the defaults for the two versions should be good
enough for that, too.
You might encounter a "Access has no license" error when you start up Access
97. Don't worry, it's a common problem, usually caused by, of all things, a
font. See
http://support.microsoft.com/?id=141373
As well, go into the folder where you've installed Access 97 and look for a
few files that have an SRG extension. Rename them and create new empty files
with the same names. These are "self-registering" files that ensure that
Access 97 remains the "dominant" application. The files MUST exist, but they
don't have to contain all of the instructions that the default ones do.
Since you're now going to have databases created in multiple formats on your
machine, you might want to look into a 3rd party product to ensure that the
correct version of Access is used for each database. Ones that I'm familiar
with include:
AccVer, from David Aylott
http://www.aylott.com.au/software.htm
Total Access Startup, from FMS Inc
http://www.fmsinc.com/products/startup
Access Opener, from Donn Edwards
http://www.worship.co.za/BlackandWhiteInc/AccessOpener.htm