I assume you have the round dish with one LNBF that has two connections on it. About the size of a flashlight with two connectors on the end.
You can hookup the 530 to the current dish, but you will not get any of the programming on the second satellite. The 530 will also work with only 1 cable attached, but then you will not have the record feature.
To get the most with the dish that you have, install a 2in 4out multiswitch after the two feeds enter the house. This will give you 4 connection, for you can run one to your basement for your old receiver and two to your 530. This will give you all the features of your 530 except for the programming on the second satellite. You can even use your second old receiver with the extra output.