Yes, you can keep both print and digital publishing documents open at the same time. Using separate intents will let each document have the correct settings for units, color space, and transparency blend space.
You may want to use RGB images which have a wider color gamut. In the print document, if you export a PDF with the PDF/X-1a preset, colors will be convert to CMYK for commercial printers who use a PostScript workflow. If your printer has a more modern workflow and can accept RGB images and transparency (e.g., they have an Adobe PDF Print Engine RIP), they will convert to CMYK using their RIP.
[I deleted your personal information. Never a good idea to include that.]
You haven't said what version of InDesign you're using. If you're using InDesign CS6 you can choose Edit > Place and Link to create links between the first (parent) frame or text and the (child) frame or text on the second document.
You can also use the Content Collector and Content Placer tools to create links.
If you're using an earlier version, you have to use copy and paste and can't create links.
If you're using CS6, let me know, and I'll try to find links to tutorials about those features.
Thanks so much for letting me know that it's not a good idea to include my
personl information. I didn't even think about it.
Ok. I'll tell you exactly what my design situation is. I have been doing
publications for print. However, I am now required to create these for
both print and as interactive, digital documents in InDesign, mainly
interactive pdfs.. What I am trying to avoid is doing the same thing
twice. So I'd like to have the two documents opened at the same time as
they'd be different for different formats, i.e A4 for pirnt (intent) and
the same size but for digital . My understanding was that you could only
use Edit > Place and Link to create links between the first (parent) frame
or text and the (child) frame or text on the second document if you wanted
to see the same document with different colour or whatever. I hope this
makes sense. I guess the question is do I need to create two separate
documents? One for digital and one for print.