You should be able to share the texmf-dist directory between different OSs. If you install TeXLive manually using the official installer than there shouldn't be a problem. However, if you install it using the Linux packages provided by the distributions problems might occur when one wants to update the LaTeX packages there. Only sharing texmf-dist seems to be a good idea so that the binaries are kept separated. However, this is not really necessary because 32-bit and 64-bit are AFAIK kept separately in different subfolders of bin/.
You need to install TeXLive on one distribution. Then you mount the partition where /usr/local is located under the other distribution (e.g. to /mount/otherdistri) and either create an symbolic link from /usr/local/.../texmf-dist to /mount/otherdistri/usr/local/.../texmf-dist or use
mount --bind /mount/otherdistri/usr/local/.../texmf-dist /usr/local/.../texmf-dist
to virtually mount the directory there. You can place these mount instructions into the /etc/fstab config file.
.isoimage. – sorush-r Mar 18 '11 at 12:52