A quick question about translation
 

Since I was young I have always loved a phrase which I tried to translate in Japanese and I would like someone to tell me which one is better.
The phrase is "live and let live" and I have the doubt between 2:
１　生きて生かしましょう
２　生きて生かって　

Go with #1 if you have to choose between those two. #1 is grammatically completely correct, but you could make it sound better by changing it to 生きて生かして. That gives it a nice rhythm.

The last half of #2 is a non-existing conjugation.

Thank you very much Nagoyankee San. I actually meant to write 生かして, I don't where in my mind jumped out that weird -te form :)
Thanx again.

I found this explanation online. Tried to link it but, though the abstract shows up on Google, the site itself is password-protected.

Live And Let Live 和訳は ”持ちつ持たれつ... ... Live And Let Live. Live And Let Live 和訳は ”持ちつ持たれつ ”米 保険会社による交通安全教則映画。模型車の型が古いの は本作品が1947年製作によるためです。

I had always thought 持ちつ持たれつ meant "you scratch my back and I'll scratch yours" but maybe it has a broader sense.

It does have a much broader sense because the base verb in 持ちつ持たれつ is 持つ, which only means 'to have', the vaguest verb in the world. You can translate 持ちつ持たれつ almost any way you like as long as it's along the lines of "We are all dependent on one another." or "Have things and let others have the same."