The upgrade creates a new version of your termbase so you can continue manually updating both if you really want to. You can't open the 2011 termbase with 2007 so you wiull be duplicating all your effort... in fact more than duplication because you'd need to keep track of what you added to 2011 while you worked (and vice versa) and then add them as a seperate operation later to the other version.
But why would you do this?
MultiTerm 2011 can be used by SDL Trados 2007 Suite and upwards.
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