I am fairly certain that you can use the edge as a gauge monitor, and the phoenix chip for the tunes, but not the other way around.
It has to do with the setup of the chip, The phoenix connects directly to the PCM and bypasses it's tunes in favor of the programmed while the edge actually changes the pcm's tunes. The stock setting on the chip is programmed as a stock setting in the chip, ie the PCM uses the phoenix's tuning instead of it's own, while setting the edge to stock changes the pcm's tunes. Does that make more sense?
They good news is that you can have both in your truck at the same time, but only if you are using the edge as a gauge display. If you tried to program the pcm with the phoenix installed you would either break something or it just wouldn't work, this is because the phoenix needs special hardware/software in order to be reburned/rewritten.
Hope this helps.