I agree to you and confirm that you can upgrade an older version project to the latest project but you can not downgrade/convert a latest version project to an older version project.
Ok thank you for confirming that.
Is there any sign in the future that this will be a feature?
The reason I ask is that in work we upgraded to the new 2014.1 edge and it is some problems that is preventing us from doing work and we didn't have these problems in the 2014.0.1 version so we have downgraded our versions of edge but obviously from what you have confirmed we cant downgrade the projects we have created in 2014.1.
Can you please share the details of the issue you are getting in Edge Animate 2014.1.
We will test the issue and provide you the solution.
Also, you can fill the feature request form to request new feature or suggest modifications to existing feature.