Is anyone here running 2 installations of oblivion?
I plan on running a vanilla one and a modded one.
Do I need to tweak my registry?
What you are describing is exactly the purpose for which save profiles were made. You can use Bash, implement it yourself, or use one of the save game managers someone has made for the game. There are users running two installs, using BAT scripts to edit the registry or something, I think. In any case, the users running two installs (on the same OS) are running SI Oblivion and non-SI Oblivion, it seems. If you do not need to do that (i.e., for mod development), using save profiles should suffice.