Dell XPS8700 - Dual Boot

Hi there,

I have a Dell XPS8700 with Windows 8.1 installed

I would like to install Windows 7 as a second OS using the UEFI type boot.

I have freed up some space (250GB) on the primary hard drive on which Windows 8 is installed.

In the mean time I am awaiting the WIndows 7 64 bit SP1 disc (which I believe will boot in UEFI mode) and be able to be installed on the 250GB (GPT) partition. 

Questions:

Will this be possible or do I need to install another (separate) hard drive for Windows 7.

If it is possible - will I be presented with a boot selection option whereby I can choose either Windows 8.1 or Windows 7 if this install is successful through the UEFI mode?

Is it possible to disable the 30GB Cache SSD drive and use that as an extra hard drive instead?
I'm thinking about creating a custom (lightweight) version of Windows 7 (using something like rt7lite) and installing this on the SSD if I don't get it right with the UEFI boot on the 250GB partition and have to use Legacy boot instead.

Thanks in advance!