nickblames,
No you do not have to download both versions. You can check which mod files are required in the BFE Mod List: Select FILE and MOD LIST.
Mods listed in YELLOW are NOT required with the current settings.
Here's the updated list of improvements for the upcoming release.
.0038 Added DLPB's Timing Patches for the Bombing Mission audio and the Coaster Minigame: BombingFix.exe and CoasterAimerFix.exe
Added Grimmy's PRP Addon Field Models (54 Improved Models), Battle Models (Hi Res Cloud and Shirtless Sephiroth), Huge Materias and Weapons Fixes: prp models.zip, Huge Materias.7z
Added Grimmy's Upscaled Magic Textures: data.7z.001, data.7z.002, data.7z.003, data.7z.004, data.7z.005, data.7z.006
Added Grimmy's Joker, Death Dealer Battle Models: Joker, Death Dealer.7z
Added KG's Leaf Texture Fix for Grimmy's Upscaled Magic Textures: konoha.7z
Added Avatar Options-- Zendar's Round AC, Zendar's Round AC V2 and Singular Ones Transparent AC, Nero's AC, Grimmy's AC, Nikfrozty's AC, Kula Wende's AC, Armorvil's Eye, Aff7iction's Beautified: AC Avatars By Zendar.exe and Singular One's Trasnparent Shadow Avatars.zip, Zendar's Custom Round Edge Avatars[Ver.1.0].rar, FF7 AC avatars by Nero.rar, FF7 avatars by Nero.rar, Grimmy307_Start_Menu.7z, nikfroztyavatar.rar, [UPDATE]ACavatar_by_Kula_Wende.rar, avatar (Eye avatars).rar, Aff7iction's Avatar Mod 1.0.zip, Nero's avatars.rar
Added New Menu Background Options-- Zendar's AC Buster Sword: AC Buster Sword at Midgar Menu Background By Zendar.exe
Added Support for Enhanced Movies 1 in 3 Parts and Enhanced Movies 2 in 4 Parts
Added touphScript Formatting and Translation to English, French, German or Spanish: touphScript_v1.2.7.7z
Added Support for Installing Bootleg on International Versions: French, German and Spanish
Added Kranmer's Always Run Toggle DLL: FF7AlwaysRunKranmer.dll
Added Menu Overhaul Options with Silent Installation
Added Support for Grimmy's Additional HQ AC Style FMV's: 4.zip, ending2.avi, sqlogo.AVI
Added Luksy's Revised Version of Aali's LPG Tool to Significantly Reduce Install Time: ulgp_v0.3.7z
Added FF7 Image Creation Option
Added Costa07's Highwind Model Converted by Grimmy: costa highwind.7z
Recovered Missing Rumbah Movies
Revised Avatar Selection with Individual Customization
Revised Launcher to Support Multiple Cores
Revised File Search to Recognize MediaFire Names for Mods: Trish(aka Mike)_s custom model pack.7z
Revised Bootleg.log Formatting
Updated Glitched Field Textures List
Updated Millenia's, Slayersnext's and Mike's Weapons Mods with Grimmy Fixes
Updated Log File Formatting and Corrected Typos
Updated FF7Music with ff7music_install_15113.exe and OSTRe.7z
Updated Menu Overhaul with m005: MO.exe
+Fixed Missing Eye Textures for Cid and Tifa Models in the Chocobo Race Minigame
+Fixed Bad Laptop Controls: ff7input.cfg
+Fixed Missing Mod Errors
+Fixed JordieBo Credits Errors: Incorrect Name in Credits
+Fixed Missing Avatars: pcloud_00.png, choco_00.png, zeni_h_00.png
Integrated Mods: BombingFix.exe, CoasterAimerFix.exe, AC Avatars By Zendar.exe, Singular One's Trasnparent Shadow Avatars.zip, AC (Round Edge) Avatars [Sephiroth Ver.1 Patch].exe, AC (Round Edge) Avatars [Tifa Ver.2b Patch].exe, AC (Round Edge) Avatars By Zendar [Ver.1.2].exe, AC (Round Edge) Avatars By Zendar [Ver.2].exe, AC Buster Sword at Midgar Menu Background By Zendar.exe, Huge Materias.7z, prp models.zip, touphScript_v1.2.7.7z, konoha.7z, Joker, Death Dealer.7z, FF7AlwaysRunKranmer.dll, Zendar's Custom Round Edge Avatars[Ver.1.0].rar, ulgp_v0.3.7z, FF7 AC avatars by Nero.rar, FF7 avatars by Nero.rar, Grimmy307_Start_Menu.7z, nikfroztyavatar.rar, [UPDATE]ACavatar_by_Kula_Wende.rar, avatar (Eye avatars).rar, Nero's avatars.rar, Aff7iction's Avatar Mod 1.0.zip, costa highwind.7z
Catch up on the downloading!
4.zip Grimmy Aeris Videos Qhimm FILE
ending2.avi Grimmy HQ Ending 2 with new Audio Qhimm FILE
sqlogo.AVI Grimmy New Opening Video Qhimm FILE