Usually, two different versions of the product can work in the same GAC
side-by-side. In your case, this is especially simple: you can use only one version of the product installed in GAC. In case of using a GAC assembly, when you add a reference (with Visual Studio, using the ".NET" tab of the "Add Reference" window), you actually reference that assembly by that strong name which includes the version and the public key token; both should be different for different version.
You can simply install the second version of the product in the GAC and use either one or another. In worst case, you can even temporary unregister one of the version from GAC and register it later; you won't need to permanently remove the version. Besides, you can always use the installation packages.
Please see:
http://msdn.microsoft.com/en-us/library/ex0ss12c%28v=vs.110%29.aspx[
^].
See also:
http://msdn.microsoft.com/en-us/library/8477k21c%28v=vs.110%29.aspx[
^].
—SA