python – possibility of creating a new env using conda and install packages with pip

The short answer is No. I will not cause any incompatibilities.
You can create different conda environments with the required python version and install the packages with different version as per your projects requirements. This will not cause any incompatibilities to your existing projects since conda environments are isolated from other environments on your system.

It is specifically used for isolating the project dependencies, so that one dependency with x version should not cause any issue for the project that requires same dependency with y version.

You can create conda environment using this command:
conda create --name myenv python=3.9

Replace the 3.9 with the python version you want to use.

Note:
Just make sure to activate your environment before you install the packages, otherwise packages will be install globally and that will cause issues.
conda activate myenv