Keeping Mojave to run one application

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I need some recommendations on how to run a Mojave program for most of a year after upgrading to Catalina.

I need to run a 32-bit program that is scheduled to be ported to 64-bits in mid 2020 (kJams). It is using a 10.GB library. (I *need* to run it twice a month, but like running it daily. I don't mind rebooting to the boot manager.

I’d like to run it, but also upgrade to Catalina.

I have purchased both Parallels & VM Fusion in the past to run Windows, but uninstalled them a couple of years ago to save space.

My wife’s planning on buying me a new iMac for Christmas. I was hoping to spend $500 to upgrade to SSD, but may have to spend money to solve this issue instead.

My late 2013 model has Thunderbolt 1 plugs, and has a 3 Tbyte USB-3? Time-machine drive. I have a 1.12 TB Fusion drive that I deleted all of my movies from, freeing up 409.65 free space.

What do you recommend?
 
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I have a similar situation, I have 1 piece of 32bit software that I need, so my plan is to do a clean install of Mojave on an external disk, and load the 32bit software, then update the mac to Catalina and then just boot with the option key pressed to choose which OS I boot into. Then when the software is updated to 64bit I can move it over. I will of course do a Time Machine backup to my Time Capsule and also clone the drive with Super Duper before the upgrade.
 
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I have a 3tb time capsule that I can use for that, hopefully it will only be for a short time until the 64bit software is availible.
 

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