Side-by-side installation of Qt5 and Qt4

[The Spencers]

Hello,

I'm working on an application written using KDE 4.10 and Qt4.8. I'm 
mostly using KDE for the just UI, but since I am using Ubuntu and 
targeting Ubuntu (not KDE or Kubuntu) I am considering switching to Qt5 
and the Ubuntu SDK once it becomes more stable and usable on the 
desktop, not just touch devices.

Because of that, I'd like to try experimenting with Qt5 and the Ubuntu 
SDK. However, is it possible to install Qt5 in addition to Qt4 and the 
KDE development stuff? I assume it would be fine for running a 
pre-built application, and all the normal KDE apps and stuff would be 
fine, but will the combination work correctly when I try to build my 
KDE app? I'm asking this because I tried installing Unity Next after 
reading about it on omgubuntu.co.uk, and was unable to compile my KDE 
app due to it finding Qt5 instead of Qt4.

While researching this, I came across a note on the 
canonical-qt5-edgers PPA [1] that said:

1. Qt4 and Qt5 are co-installable with the migration to the new 
qtchooser tool. The previous Debian/Ubuntu approach relied on renaming 
binaries and using alternatives. When packaging against Qt5, set 
environment variable QT_SELECT=qt5 or include a package dependency to 
qt5-default in the packaging. See man qtchooser for more information.

So if I set QT_SELECT to qt4 when I want to build my KDE app, and 
change it back to qt5 when tinkering with the Ubuntu SDK, will this be 
sufficent?

[1] https://launchpad.net/~canonical-qt5-edgers/+archive/qt5-proper

Thank you,
Michael Spencer
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