We filed both last year and if I remember correctly one of them could do a print out to make it easier to file out the other. I just don't know which one it was. We'll be doing them both at the same time frame (kid's second year)
You can do the PROFILE now, based on estimated 2010 numbers, but the FAFSA does not go live until Jan 1, IIRC. The FAFSA is probably the easier form to do first, however, because it mirrors your tax return more; PROFILE asks for more stuff.
Check your college's requirement list carefully. We needed to do the Profile for the first year but afterwards there was a specific college form (ie, not the Profile) that was required in addition to the FAFSA.