So I'm assuming I'd have to install/compile from source, is that right?

No, simply skip the .msi and get the portable .zip version

I never liked the strawberryperl website layout :) http://strawberryperl.com/ -> Other releases: ZIP, Portable, older versions -> http://strawberryperl.com/download/5.18.1.1/strawberry-perl-5.18.1.1-32bit-portable.zip

CavaPackager throws an error because you can't use any Perl version above 5.14 with the program and I'm currently using 5.18

Copy/paste?

http://sourceforge.net/projects/citrusperl/files/Perl%205.16.3/Windows/ is "portable" version by default http://www.citrusperl.com/helpweb/installingcitrusperl.htm

... second user ... Does anyone think that doing that might be easier (*if at all possible), then compiling a second version of Perl from source?

compiling from source is trivial if you've got all the prerequisites, it just takes time

Although, it's about as easy to manage multiple perl's yourself without either, for how I do it see sh Configure -Dprefix=~/p-5.8.1/, win32 configure steps (old win32 Cofigure -Dprefix steps )/Fix_pl2bat