The holidays are my busiest season and I can’t afford any downtime, but I could use a feature that is in the WIP. What is the official recommendation for installing in a production environment? Is there any chance the WIP can hose my R5 and R6 installs?
We have been using V7 in production for a long time now.
We also have V6 to work in some Grasshopper C# engines/configuration we build because they don’t work in V7, something to do with the SDK only being done in V7.
Some of use we have also V5 installed because we need TSplines here and there.
He have not seen any issues having V5, V6, and V7 all installed and running.
The software building quality at McNeel seems pretty high, so I can’t for see you’ll have any issues. (don’t tell them I said that, I don’t want them to get [more] complacent 
)
Best,
Gustavo
Nitpick: it is Rhino WIP you have installed. V7 hasn’t been released yet 
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I second @gustojunk insight. We have R5/R6/WIP (R7) running side by side with no problems. Just remember to save to a compatible version if you bounce between them.