You can absolutely run both as a module at the same time. I have done this several times without problems. Check the INSTALL file for php4 under USING PHP 3 AND PHP 4 AS CONCURRENT APACHE MODULES.
One of the things to watch out for is to make sure that you have your mime types mapped correctly, eg:
AddType application/x-httpd-php php
AddType application/x-httpd-php3 php3
Hope this helps,
Ken