No - you cannot work side by side. Installing Lync will remove Communicator.
However, you can use registry hacking (unsupported, unfortunately) so that your copy of Lync can work against your OCS infrastructure. This works for R2, not 100% confident in R1.
[HKEY_LOCAL_MACHINE\SOFTWARE\Policies\Microsoft\Communicator]"DisableServerCheck"=dword:00000001
Lync, .