Since LTC uses CPU and BTC uses the gpu, would there be any performance loss on either side? I would think mining BTC would use a bit of cpu too?
I have done it for around 2 months back in March-April. I've stopped after moving my farm to BAMT, since there was only a 32-bit version, and going from 64-bit to 32-bit cut the hashpower in half.
Use a 64-bit OS and have different miners for LTC and BTC. I used Ufasoft for mining LTC with the CPU, and cgminer for mining BTC with my GPU. Also, be sure to start the GPU mining BEFORE the CPU mining, if not, it will takes an eternity to boot. GPU mining require CPU when booting up, but very little afterward, so that's why it can be done.