First, you might have a very different experience with your second baby -- you may find that you are more relaxed, and that both of you sleep better at night. If the baby is in close proximity, and you can meet her needs without too much disruption, you might get a better night's sleep than you had with your first. It's best to keep an open, positive attitude, but, at the same time, prepare ahead!
In the early weeks, you may have some help during the day with your older child and can get some rest. Then you'll be better able to assess what you need. Perhaps a mother's helper can come over in the afternoon to read to your child while you nap with the baby, or you may be able to go to bed early and give your husband or partner the opportunity to have some special alone time with your older child.
One grandmother lived out of town, so, to help her daughter-in-law, she paid for a neighborhood teenager to come and take her grandson to the park in the afternoons. Some playgroups rotate watching each other's children so the mom with the newborn can rest. Communicate your needs to friends and family and get them involved in some creative solutions if you find you are sleep-deprived. It's amazing how much they want to help when they know they're needed!