Integrating MediaBin 3.0 and TeamSite 5.5.2

Allora

We are trying to create a CM/DAM demo where TeamSite and MediaBin are integrated and where they live on the same server. We are well versed in TeamSite 5.5.2 but are new to MediaBin. We're looking for information on the details of integrating the two and have these questions:
a. Is it a bad idea to have both applications on the same server?
b. If it will work, what customizations do we need to make to MediaBin, IIS, TeamSite, etc. to make it work on the same box? (if there is any documentation on it, please point us to that, as well)
c. The TeamSite-MediaBin Connector requires MediaBin Web Services 3.0 to be installed, which in turn requires the .NET Framework 1.0 to be installed. We are concerned that the .NET Framework will break TeamSite. Could you address this concern? (this concern is what spawned questions a and b).

Many thanks,
- Allora