I don't think you'd have an issue, Obviously you wouldn't try buring a disc with two apps at once, but they should be able to co-exist. If you do have an issue, at least you'll know right away who the culprit is.
Do you intend to use the lightscribe labeling? If not I'd disable the service and use Imgburn. Otherwise I'd pick one or the other to be active at any one time. Esp. if you have AutoPlay on you could end up with 2 programs trying to control the optical drive. Could end up with discs hanging at the "finalizing disc" stage at the very end of burning.
I think I've had 3 lightscribe burners so far and I've never done a lightscribe label. Too expensive when I can just write on it with a Sharpie.
But if you do use the laser labeling post how it goes.
My Computer
Computer Manufacturer/Model Number
HP Media Center
OS
Windows 7 32 bit
CPU
AMD 5200+ dual core
Memory
2 GB
Graphics Card(s)
NVidia GeForce 6150SE 128 MB
Monitor(s) Displays
CRT
Screen Resolution
1280x1024
Hard Drives
500 GB Sata internal :
SIIG USB 3.0 docking stations w/WD Caviar Black 6 Gb/s drives
LightScribe is great, as long as you find good prices on the discs. I've been using them for close to 5 years now. I don't use them for everything, just important discs.