Does it work to use version numbers that are not similar as in title? If not, does anybody have an idea of how long it takes after an LFS release for the same version BLFS release to come out?

This will be my first LFS/BLFS build, I have done neither before, so the simpler the install the better. If using different versions will complicate things, please let me know.

Thank you very much,
Dustin

PS - One more quick question... If I install LFS 6.3, and wait until BLFS 6.3 comes out (assuming I use LFS in the meantime), will I be able to move on to BLFS using the same install, or is BLFS meant to follow LFS immediately?

BLFS is the build instructions for a collection of popular packages like XFree86, GNOME, Firefox, etc. There are never any guarantees, but using LFS-6.3 and BLFS-6.2 shouldn't present you with many problems. If you install LFS, you will be able to boot to a CLI. There is no GUI. There's not even a text-based web browser or e-mail client. If you can work like that, then you can wait as long as you want to start adding packages. Most of us don't wait too long.

BTW, depending on your hardware, you may want to consider CLFS instead of LFS. You can then follow on with CBLFS which is always in a state of flux as new packages or new versions of existing packages are added. You can use CBLFS with an LFS base install too.