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Even though HIPS may be disabled, there are components that will remain installed that could cause conflicts with other related products, so it would be suggested to uninstall McAfee HIPS & reboot, before installing other products, in order to prevent conflicts/compatibility issues from occurring.
KB70930 - Host Intrusion Prevention compatibility with Microsoft Threat Management Gateway Server
Its as much as I thought. Not using the FW component, just the IPS, but I would reckon the risk of conflicts will be fairly high - even if there is no immediately noticeable issue, the product may be impacted and not doing its full job.