There are no hacks, trust me. I've been trying for a while to get Rivatuner to work, and there's no way round it.
You'll be able to access both partitions with either OS, all you'll need to do to access, say, My Documents on the 32-bit version from the 64-bit version would be to go to the correct folder.
Programs will need installing on the new OS, yes. And look out for 64-bit versions, they can offer better performance. 7-Zip especially showed a big boost for me.