Is that safe? Or do I need to have two separate local repositories - one for each tool? (with actions from one seen by the other only after pushing/pulling from a common upstream repository - as if my two tools were two separate developers)
In my experience, yes, it's perfectly safe. I use TortoiseHg & SourceTree all the time, often open at the same time. If one does the work the other will refresh when it see the changes. I've never had any conflict problems.
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