You shouldn’t have any problem with it. Labview, Inventor, Windriver all work fine on 32 bit XP SP3 machines.
32 bit Vista SP1 also works fine with Labview and Windriver. However, we have had so many problems with 64Bit vista machines and Inventor that we just gave up on it.
I don’t think you’ll have any issues, but I would recommend against installing it until after competition. You really don’t want to have to deal with uninstalling a service pack the day before competition.