Is there a way for me to have 1.4.7 to run EMC (until it updates) & 1.5 at the same time? I really want to use the new 1.5 stuff but I don't want to not be able to play EMC...
Yes, all you have to do is save the .jar file for 1.4.7 found in your bin folder (tell me if you don't know how to do this), update through the Minecraft launcher, and then switch between the two files depending on which version you want to play.
I think he means run the two versions simultaneously, like play 1.4.7 but have the features of 1.5 installed.
Here is a thread that Jack made that you might find useful: http://empireminecraft.com/threads/...emc-before-we-upgrade-to-latest-update.11041/
I usually just save mine to a folder on my desktop, where I keep a copy of each version if I ever need it. About your saves, just be sure you don't enter a 1.5 world while using 1.4.7, because any 1.5 item you place will be converted to air if you try doing so.