Cool, just wouldn't want you to end up as one of those "I lost all my stuff!" people I'm sure we'll hear from.
Personally, I'd do an actual disk clone to ensure I had the system fully as-is, but that may depend on storage used and what sort of unused drives you have. TM I'd think should be fine for a secondary system.
I wouldn't either that's why i back up to time machine regular, one external hard drive for my iMac and another one for my Macbook Pro. Also everything that i do on my Macbook Pro is usually writing, essays for university and stuff like that, its all done on Apples Pages which i also store on iCloud.
I'm guessing that the public beta version will be more stable than the current developers beta. I don't think would want angry customers because the public beta broke their Mac's i'm looking forward to OS X Yosemite, from what i saw at WWDC keynote, its got some brilliant features