One other way is to partition your HD, with a system on each partition. You then run your utilities from one partition onto the opposite partition. It's also quite handy if you start having bizarre problems with Jaguar--you hold down the option key during startup and you've then got the choice of startup systems. You install the latest upgrades to your utilities on each partition and you've got it made.
For example, suppose DiskWarrior comes out with a new startup CD for the new AlBooks, but then they come out with a new version that's better suited for Panther. You'd have to wait all over again for them to come out with that new version on a Cd for Panther--or, if you've got partitions, you just happily install it on your partitions and you're in business.
Troubleshooting Jaguar has gone up 10 orders of magnitude compared to OS 9. Frequently, it seems the quickest troubleshooting for system problems in Jaguar is to do an "archive and install." You can spend hours unhappily deleting this pref or that kext (if X lets you or if you can find them), all to no avail, or you can do an archive and install right way. I've got all the updates archived on CD for just that purpose. It's pretty sad that it's come to that--ease of use (and being able to easily understand OS 9) was one of the major attractions of the Mac.
On the other hand, the complexity of Jaguar is one of the reasons that it's finding favor with the techies. Their jobs have a new lease on life!