Creating 1.1 compatible passwords from a 2.0 application

 I have two applications.  One is written in 1.1 and the other is written 2.0, and I have a couple of questions.  

Currently, we are sharing the same database between applications.  The 1.1 application uses Forms Authentication and stores the user's password using the FormsAuthentication.HashPasswordForStoringInConfigFile(<PasswordString>,"md5") method.  I need to be able to create a password from my 2.0 application that is readable from my 1.1 and 2.0 application.  

Currently, I am not specifying a machine key in either application.  If I specify the same 1.1 compatible machine key in both of my applications will my current 1.1 applications still read and generate the password correctly?  Will this solve my problem?

Thanks in advance,
Jim
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