Running two versions on same server

I am migrating an old (hardly used, but needed) 7.0.2 database to a
server that is already running 7.3.3. I am building the 7.0.2 version
using --prefix=/usr/local/pgsql-7.0.2 and --with-pgport=5433 to run it
on a different port. I do ./configure, gmake, and gmake install without
error, but the psql file does not show up in the bin of the new distro.
I went ahead and copied over the psql from the other 7.0.2 server and
now I'm getting the error below. I added the new lib path to the
/etc/ld.so.conf file. Can someone help guide me to run both versions
with the appropriate libraries,

  /usr/local/pgsql-7.0.2/bin/psql: error while loading shared libraries:
libreadline.so.3: cannot open shared object file: No such file or
directory

I have both /usr/local/pgsql/lib and /usr/local/pgsql-7.0.2/lib in the
ld.so.conf file.

--
Robert