Well, this is a convoluted scenario, and likely confusing to customers, but you can make it work if you want to.
Using custom license fields is the way to handle this. If Alice activates your software, and she has the wrong version installed, then you can simply tell her the maximum version she is allowed to have installed and give her a link to that version. Then she can uninstall the newer version and install the old version. She doesn't even have to reactivate.
Does that make sense?