ASP and .NET dll

Hello,

We have an ASP and an ASP.NET application running in the same application pool on Win2003.
When we try to create .net 2.0 objects in the ASP application we get object create errors unless we
either assign the application pool identity
to IWAM_XXXX instead of "Network Service" or launch the asp.net app first.

It's as if the ASP application thinks it is a 1.x dotnet app (though it is configured otherwise.)
I've seen it suggested that "Network Service" doesn't have the rights to see the .net settings needed
to determine the right .net version but I haven't seen anything in the filemon or regmon utilities to support that.

Any ideas why this might be happening?

Thanks in advance.

macleod