Kegs,
You can certainly run an intercooler AND a water injection system at the same time, although, testing has shown that if your running up to 15psi, you can get away with not running an intercooler and running water injection only.
In regards to the blow off valve question, depending on how the sytem is designed and installed, you shouldn't have any problems. The water injection should only be operating when the engine is making boost - ideally somewhere around 5-7psi and above (depending on the engine). Therefore, when you get off the throttle the boost will drop and the blow off valve will open - but the water injection should have stopped also.
I am not 100% sure on the Yella Terra system, but I can certainly tell you that the Boost Cooler system would have no problem.
Out of interest - how much is the Yella Terra System, always good to know what I am up against
P.S. I have just installed the water injection system on my Sunny.....we hope to do some back to back testing on the dyno in the near future. I will report back with the results once we have the testing finished.
Mark.