On 32 bit Windows there should be no issue, as Mike points out.
On Mac, the SDK version is relatively unimportant, but the executable format is critical for compatibility.
* PS 3,4,5,6,7,CS require PowerPC PEF;
* CS2 is PPC Mach-O;
* CS3 and CS4 are Universal (PPC+Intel) Mach-O.