You can install multiple versions of PyLith on a computer. You need to make sure they are installed to different directories AND your terminal (shell) environment only sees one version at a time. That is, open a new terminal (shell) when you want to run a different version of PyLith and then run source setup.sh in the top-level install directory.
Previous versions of PyLith should be compatible with the current versions of Cubit and ParaView. However, there can be issues with using journal files written for older versions of Cubit with the latest version. Using IDless journal files and referring to entities by name can mitigate many of these issues, but sometimes there are changes to commands, etc that require updating the journal files.