July 01, 2014, 12:45:13 am
Each version is independent, so there's no problems installing and running an older version. It will use the same My Documents folders as v4.5.
However, you do not need to do so. Version 4.5 will read prior versions. Forward compatible. You may have to adjust the Shadow Effect settings, but other effects should apply the same as in v4.0.4, or one or two may need a little tweaking.
The archived files need to be restored to the same \Lumion 4 folders for \Library and \Scenes for either version.