Is there a way to move the lifetime server from one environment to another if necessary?
Yes you can move Lifetime.  Ideally you should have lifetime on its own environment to better support the upgrade process.  You can simply disable lifetime in your current environment and install into another and configure.  You will lose all your version information in lifetime though.  There is a way to migrate the data, but unless you have it seperated into its own database, that might be more complex.
We have a busy environment, and we find that it's best to have Lifetime on a server/zone by itself.
For anyone who needs to move LT and runs across this thread, here's how to do it:

There's plenty of other good info on LT there as well.