where to install gcc?

[Hunter Scales <hscales austin rr com>]

I need to upgrade the compiler to gcc 3.0.4.  I have found the tarball. 
Where should I install it?  Redhat has it in /usr but GNU defaults to 
/usr/local/.  If I run config with --prefix /usr will it put it in 
/usr/gcc-lib?  Will it install over the current version?  I would like 
to keep both.  Thanks.

Hunter