A: No. Microsoft does not support running both architectures of the same core suite side-by-side. You can, however, run 32-bit Project Professional alongside 64-bit Office 365 (as they are different products).
Once you've installed Office 365 64 bit, you'll need to activate it. Here's how to do it: Microsoft Office 365 64 Bit Download
Even with a straightforward process, users sometimes encounter errors. users sometimes encounter errors.