Probably not. If there's a changed file version N, it won't be included ub version N-1 unless it changed in that release only. To get around this we'd need to include every possible file in very releases, which would mean that all update releases became full releases, thereby defeating the point.
Youyr best bet is to start from the full release closest to the version you want and apply the upgrade from there.
Why do you want to downgrade, anyway? I thought the current version was pretty stable.