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Hi dreamtheater,
Thanks for posting on the Redgate forums.
SQL Backup 7.7 will run Full and log concurrently.
On my local machine I setup a Full backup every minute with Log backups also every minute. The full log backup took 1 minute 30 seconds with Transaction log backups completed around 15 seconds. All backups were successful in this scenario. I hope this helps to answer your question.
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I read this was not possible in a previous version.
This is a very important feature, since you have a large DB to backup, not being able to execute log backups is not acceptable.