James,
To extend upon what brad said I thought I would share how I've been running many BSP's side-by-side so it's easy to switch back and forth for various reasons.
Here's an example of where I install various versions of LTIB in my folder structure on my development machine - each version has an 'ltib' folder that's created during the installation process and a manually created 'pkgs' folder:
/opt/freescale/bsp/L2.6.35_10.08.01
/opt/freescale/bsp/L2.6.35_10.12.01
/opt/freescale/bsp/L2.6.35_11.04.01
/opt/freescale/bsp/L2.6.35_11.05.01
/opt/freescale/bsp/L2.6.35_11.09.01_MX50
/opt/freescale/bsp/L2.6.35_11.09.01_MX53
in the /opt/freescale folder I store a handfull of simple shell scripts to switch back and forth using symbolic links:
setlinks_imx28_evk_10.08.sh
setlinks_imx28_evk_10.12.sh
setlinks_imx53_qsb_11.05.sh
setlinks_imx53_qsb_11.09.sh
setlinks_imx50_evk_11.04.sh
setlinks_imx50_evk_11.09.sh
Sample shell script (setlinks_imx53_qsb_11.09.sh):
#!/bin/bash
rm -f pkgs
rm -f ltib
ln -s /opt/freescale/bsp/L2.6.35_11.09.01_MX53/ltib ltib
ln -s /opt/freescale/bsp/L2.6.35_11.09.01_MX53/pkgs pkgs
#end script
This allows me to consistently use the /opt/freescale/ltib and /opt/freescale/pkgs directories no matter which BSP I'm using to avoid my own confusion. I can also have multiple copies of a BSP configured for different target boards and be able to leave the configuration in-tact to rebuild the same version of BSP for a new board to work (this is nice when you're pulling in outside patches from the open source community).
Using /opt/freescale and not a custom installation folder was at one point recommended because of issues with customer install directories but may not be required anymore.
Switching between versions is as easy as running one of the shell scripts you reconfigure the symlinks.
Jason