Yes, keeping both ISE 14.2 and ISE 14.7 simulataneously is possible. Your device can be used in ISE webapack. In ISE WebPACK, you can use Microblaze Micro Controller System(MCS) in place of Microblaze: If you need to use Microblaze, you have to purchase license for ISE Embedded Edition. But we do not provide ISE license standalone anymore. Hence, you need to purchase Vivado System Edition/ Design Edition License with which you have to specifically ask for ISE Embedded Edition license. Refer this link to contact distributor to generate this license for you.

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