In the case listed, Yes, while Arcane Intelect boost the Int stay, Which trickels down to some extra manna and some crit chance with spells, while Flask of Distilled Wisdom only adds to you manna, they dont conflict, and theirfor do not overwrite one an other and can be used at the same time, forutunaly not one of the flasks conficts with a buff(I may have to eat crow on this one some of the weird quest buffs may confilct, but i doubt it would overwirte as the flask is more powerfull).
Hope that helps.