I am wondering why you are dual-booting Vista and Windows Server 2003, instead of dedicating a drive to each. That would get rid of the problem at least as far as both living on the same drive because then that wouldn't apply, I would suggest seperate drives for seperate OSes when dealing with Windows Server 2003 or any server OS for that matter. Access is another reason. Or are you going to be the only one to have access ?
The reason I would think you would seperate the two is because if the drive dies, you have lost both, and also any issues where you might have to reformat, you would lose data as well. Backing up is a necessity, and would be of help to you, but you would still have to go through the process of installing both all over, whereas if one drive died with my suggestion in place, you could take reformat/fix/install another and still have the other operable.