1. I assign an unusually high drive letter to BIAB so it is not dependent on whether other devices are installed.

2. Jim is correct, it's one location or the other. You can always move your older files, but since you bought the Ultrapak, it won't matter; you will have all the files on your new USB drive.
BIAB 2019 Win Audiophile; [& 2018 Mac UltraPak]. Software: Cakewalk, Adobe Audition, Ozone, Encore; Win 10 64 Pro. Hardware: custom i7, 16 Gb; Roland Integra-7, Focusrite 18i20(2), TCE Finalizer, Behringer X-Touch, Adam sub & monitors.