Exactly that is what is likely to happen. As soon as one of the applications opens it, it is locked. Only when it is closed will it be unlocked.
Even otherwise, it is not advisable to have two applications accessing the same file (especially a text file).
You can try opening the file as read-only in one of the applications. You can't open as Read-Write thru both of them. May create a mess of it.
But still, please tell me the purpose of doing this. May be you don't need to open it through both the applications.