Hello, I would like to play KoD but don't want to have to keep re patching the original game. Is there anyway I can have 2 versions installed of dishonored? One with the down patch and one with KoD?

Yes, just make a copy of the downpatch version and name it "Dishonored 1.2", verify integrity and the regular "Dishonored" folder will be 1.4. When you want to play on 1.2 just rename the 1.4 "Dishonored" to "Dishonored 1.4" and the "Dishonored 1.2" to "Dishonored".

Oh ok I'll give it a try. Thank you :D