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Unless you are running the MUD and HTTP server on an old machine CPU latency will not be an issue. I run both on a P2 850mhz with 256meg of ram with no problems.
The main problem is bandwidth. An average site (< 100kb on front page) will not create much bandwidth drain unless you get a large number of hits (500+/day). I have a 256kb upload and quite comfortably run a MUD hosting 10-20 players and a webpage with a 90kb front page and receive roughly 200 hits/day without much noticable lag. Occasionally it will spike for a second if a few people try and access it at once but for the majority of time it is fine.
Security issues will exist regardless of wether or not the servers are run on the same machine. Standard security procedures should be in place anyway (no extra services, updated software etc.)
Hope this has been somewhat helpful to you.
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