Yup, Winamp & WACUP can exist fine side-by-side as that makes it easier for testing, etc. Its why WACUP in the beta / preview builds acts like a portable install to help remove the potential of conflict that can occur.
Alternatively you can just do a normal import scan of the files needed into the WACUP install as you would do with Winamp. As I'm not planning on doing an import mode until the replacement local library plug-in is more feature complete so the Nullsoft provided ml_local can be dropped along with the stability issues that it has.
-dro