Most older dogs don't care that much for commotion unless they are used to it like if they just lost a pal or something. But they do TOLERATE it well with time.
If the puppy was a little younger, it would make integrating him into your home easier but it can still be done (and done well!) at this age.
Your older dog will take the alpha position and the puppy will probably allow it, unless it's a female and your older dog is a male. Then it's reversed.
But this is not a bad idea.
Let me know if you want to discuss this more.