Dual boot windows 7 with current Windows 8.1 installation?

Yes, I have done this, you may need to unplug the SSD with W8.1 on before installing W7 on the other SSD, but other than that you should be good to go.
 
Any conflicts with both drives installed?

I do not see any reason why there would be. You may want to look into altering the Windows 8.1 MBR so that it sees the Windows 7 installation (and gives you a menu), failing that you can just use boot selection in the BIOS to choose the drive you want to start up with.
 
Any conflicts with both drives installed?

I didn't have any issues but that's not to say there aren't any, to be honest I've been dual booting 7 and 8 for a while now and using 7 less and less that it's got to the point of removing 7 and putting 10 on for a tryout.
 
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