Propane needs a specialized hose, because it can eat through the standard stuff. I don't know off hand if there is a hose that can support both, or if it's a good idea to potentially mix fuels in the hose while swapping the regulator from tank to tank.
You may end up with three tanks (propane, O2, acetylene) and two torches. One fuel per torch, with a splitter on the O2 to feed either.
Definitely ask at a shop.