I posted the same question years ago! My daughter had become an excellent sleeper and I was terrified that her younger brother was going to completely de-rail her healthy sleep habits in the process of learning his own.
At the time, I found the feedback I received was not very helpful...but it turned out to be very, very true: There is really nothing you can do -- it's just a phase of the sleep-training and you'll have to manage through. However, it will NOT permanently ruin the healthy sleep habits of your first child. Your oldest has the sleep skills now that he needs, and he'll bounce back to them after your daughter sleep trains.
We had white noise playing in my daughter's room (the oldest) to help mask her brother's crying and I think it helped a bit. But my daughter was much, much younger than your son (she was still in a crib.) I don't know if adding white noise to your son's room now would be more disruptive than helpful.
I like your idea about talking to your son, if he begins waking or asking you about the baby's cries. I would tell him that this is what babies do...it's perfectly normal...and that he should hug his lovey and go back to sleep. (Do the explanation in the morning, when he is wide awake, so you are not over-stimulating him at night.) You may also have to reinforce the bedtime rules (stay in bed, close your eyes, etc.) for him.
This too shall pass. Hang in there. :)