Rafi -
The SaveAs dialog does allow you to select a file format for an older version of TestStand. It main purpose was for user who incorrectly saved a file in a newer format and should not have. It is not intended as a tool to commonly use to share sequences built in different versions. In general we recommend sticking with a single version of TestStand when developing code for a project.
For NI types, TestStand will attempt to fix up any file format changes between the two versions. In addition it will replace any new versions of NI types with older versions of those types by using a set of compatibility type palette files that it maintains. However if user types have been edited or changed explicitly or implicitly by TestStand, it is possible for those type changes to propagate back to the earlier version of TestStand and cause type conflicts. Types do have the "Set Earliest TestStand Version that can Use this Type" setting to instruct earlier versions of TestStand to ignore them, but if this is not used you may get a type conflict. If you get a type conflict and you do not now why, it is recommended to use the existing type in the earlier version and discard the type from the newer version.
For INI files, I do not recommend trying to use them in the older version because they also contain types and these could cause type conflicts or error as you previously noted.
Scott Richardson
https://testeract.com