I currently use Music Creator 6 and considering Home Studio.  MC6 pretty much meets my needs but there are several reasons why I'm thinking of upgrading.  The reasons are:  My current music computer uses a Windows 7 64 bit operating system, Home Studio includes all eight style effects, includes all four Studio Instruments, improved step sequencer and included content.  Assuming I download both the 32 & 64 bit installer programs my questions are:
 
Can I extract just the desired content or do I have to install the HS program?
 
Can I run both the 32 & 64 bit versions on the same computer?
 
HS is advertised as optimized for Windows 10 and compatible with Windows 8.  Will it work as advertised with Windows 7 or Windows 8.1?

you'll see you just responded in another thread and that I use Home Studio ( the new version) on a W7 64 bit laptop using the WASAPI exclusive driver without issue. It has 6 GB RAM and a fairly good duo core processor. I don't use it to record audio ( at this point) I just edit midi files and export them to wave for my backing tracks. I added Strike2 drums for $43 and Xpand 2 I got for free so it's got first class VST on hand now. The included SI drums was the only sub standard VST for me. The rest is very good. But I'm fussy about my drum sounds, you might be happy. 
So Home Studio for $50 even though I own X3 studio, Professional 2014 and the latest version of PLat I like HS and bought it to run on a laptop I have at work.  
 It is more or less identical to the bigger versions. 
You can install both 32 and 64 bit versions but why? Just use 64 bit and bit bridge loads most all 32 bit plug ins no problem. I don't use any 32bit stuff anymore because I found 64 bit versions of everything. 
$50!  certainly the price is not a barrier.  
Why would you not want to install the program? It takes up very little room and will blow away MC in features. 

But otherwise... Yes, Yes, and Yes. You can install Sonar anyway you like as long as there's a check box for that.

soens (snip...) You can install Sonar anyway you like as long as there's a check box for that. 

I guess that leads to my fillow-up questions then.  How much customization do the installers allow?  Is there a checkbox for (1) the program, (2) Studio Instruments, (3) Rapture Pro, (4) loops, (5) one shots or any other content I may have overlooked such as documentation, quick start guide, video tutorials, etc.?  Is the user's manual or installation guide available to download or online?  Does the documentation cover added content?

You now download and install the Command Center which has the main program and then the content is separate downloads. So yes you get to customize. You can also direct the install to other hard drives  which is handy if you have a smallish SSD C drive. 

Here is my Command Center showing the paths setup.  You can specify where Command Center stores the downloads, as well as the default Cakewalk content folder, for VST samples, loops, etc.
 

Thank you to all for your responses.  It is VERY helpful knowing that Cactus Music is running Home Studio on a Win 7 64 bit operating system.  Truthfully, I completely forgot about Command Center and how versatile it can be when managing your download.  Abacab, the directory paths screenshot supports your answer extremely well.  Soans, thank you for your answer.  Your answer guided me in asking my follow up questions.
 
I really do appreciate your answers.  It does seem that Home Studio would be a better choice instead of Music Creator 7.