One thing to always consider; see if your previous version had any 'Bonus' stuff that may have only been available with that version.
Some versions include little extras that you can't get later.
Any 'Bonus Tracks' would fall into this category.

I'd Archive first, before deleting. Run the program from the new disk for a while, and if you don't miss anything, go ahead and delete the old.

It would stink to find out the 'Super_Funky_WalkinBass_backwards' realtrack (or whatever) you love and used all the time is lost forever .. because of a one time offer.

This is another reason many say 'Install over previous version' .. that way you don't lose any of this stuff.

I do not work here, but the benefits are still awesome
Make your sound your own!