You can do either bundled or separate, but be certain there is a fee stipulated for both uses. I hate to think the worst of photo buyers, but I have seen enough of this that I am careful. A colleague of mine licensed photos for use in a printed piece for a large trade show and then came to find that the licensee had also blown them up quite large for display in their show booth. The licensee was a magazine publisher and certainly should have known better than to assume the print license covered the booth display as well. Be sure that your license agreement is very specific about what is included, but also that every other use not specifically included is excluded.
Thank you David! That's most helpful.