Doug, can one regress to an old version with a C1 serial?
Every C1 license will activate (as one of its seats) any* previous version. However, as with any software, previous versions of C1 may have issues with current OS versions and new Mac hardware is often incompatible with older OS versions. So there are some strong practical obstacles (unrelated to C1 or P1) to running something more than 2-3 versions old.
Not directly related, but worth mentioning, C1 can use previous processing engines. So, for example, if you're doing a project in v9 and want to upgrade to v11 mid-project you can continue using the v9 math such that the color, tone, noise, sharpness, and other algorithms all remain consistent.
*I suspect this is not true for version 3 and earlier since they used an entirely different activation scheme. But if someone *really* wanted to do some time travel I suspect we could find a way to accommodate them.