Maintaining "lite" application

FROM : Kevin Wojniak
DATE : Fri Jun 23 19:21:38 2006

I've got a document-based application that needs a "lite" version 
which will have a different name and has a few different features. 
What's the best way to maintain both versions? Should I maintain 
separate projects that share files or a framework? Or somehow just 
maintain separate targets within the same project?

Kevin