They're supposed to be backwards compatible, but the only way to tell that it all works is to try it (There's probably some limit on how far back it goes), I would be sure I could undo the update before I applied it though.
There is a bug with compiled code that uses tdms functions between the 8.2 and 8.21 runtimes (I'm pretty sure the 8.5 runtime works with stuff compiled in 8.21, I'm not sure how it handles stuff compiled in 8.2), so If you use tdms functions would suggest upgrading to 8.21, to avoid a known runtime incompatibility (unless NI straightened this out in 8.5's runtime.)