If I read your post correctly, you already have Snow Leopard. If not I don't know what "SL" means. So I don't see how this offer would be of any use to you; you already have the Snow Leopard disk.
And since you already have SL, you also have access to the Mac App Store, also.
The whole point of the free OS is to let people access the MAS so they can buy Lion there.
Many people are running both SL and Lion and have been since Lion came out. That been a lot of people's method with
every new version of OS X, nothing new with Lion, on that count.
BTW, Lion doesn't destroy any previous System any more than each new update did. The old System simply ends up in a "Previous System" folder, just like always. What lion does do, that is different and frustrating, is to delete the actual Installer after the install. Theoretically, it is not needed, you Restore the OS, when needed, by using the hidden Restore partition it puts on that drive.
If I were you, I'd find out what, if any, apps you need are
not compatible with Lion. You just might be surprised. And if there are any files that you need to be accessible in a few years and they depend on a legacy app, run, do not walk, to the nearest source of upgrading to a modern app that can read and rewrite those files now! The longer you wait the less likely and more difficult it will be to maintain that data!!