How to install Studio 3 on a Mac Pro

I had this question posted in the FCP-X forum, but Tom Wolsey suggested that I take it over here instead. So here it is:

I have both FCP-X and FCP-6 (in Studio 2) on my Mac Pro, which is running El Capitan. Both FCP-X and FCP-6 work fine on the same internal hard drive in El Capitan, as long as I don’t try to run them both at the same time (if I try, it blows FCP-X right off the drive, and then I have to re-install it from the App store). I have a lot of old projects in FCP-6, and I also find 6 better than FCP-X for certain things that I do.

I’ve just acquired a copy of Studio 3 (FCP-7), and would like to replace Studio 2 with Studio 3 on this Mac (Studio 3 contains Motion 4, which is supposed to work in El Capitan, while Studio 2’s version of Motion won’t work). I’m wondering what’s the best way to do this replacement.

When I installed FCP-X from the Apple App Store, it took all the Studio 2 stuff that was in the Applications folder (FCP-6, Cinema Tools, Color, Compressor, DVD Studio Pro, LiveType, and Soundtrack) and put them all into a new folder labeled “Final Cut Studio.”

This copy of Studio 3 that I bought off Ebay is a full install, not an upgrade. Does that mean that I need to get rid of all the Studio 2 Stuff in the Applications folder before doing an installation of Studio 3?

If so, should I trash the existing “Final Cut Studio” folder and everything in it, then create a new folder also called “Final Cut Studio,” and install Studio 3 into that folder (assuming the installer will allow me to do so?).

Any advice on the best way to go about this replacement of Studio 2 with Studio 3 on a Mac Pro running El Capitan would be appreciated.