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I rather doubt that you can do a direct transfer of a CS4 Project to CS3. Your only course might be to Export your CS4 to DV-AVI and Import that file. It will have all of edits in place, so you will not have the individual Clips. You can use the Razor, to "create" individual Clips, but you will NOT have Handles on these. You could eliminate all Transitions and then extend each individual Clip to include Handles, but you'll then need to re-set all Ins-n-Outs.
Now, you might get lucky. Whiled doing some testing for another user, I Opened his CS3 Encore file in Encore2, without even thinking - dang if it didn't work to about 90%. I think it would have worked 100% had I had his Assets and exact folder structure, but that was not what we were testing.
You might just try Importing the .prproj file into CS3 and X-your fingers. As I started, I would NOT expect this to work, but who knows. If it does, even to a degree, please report back, as this is a common question with each new release.
You could try an EDL
Or even better, AAF.