No, a file may exist in only one state at a time. Thus older versions may not move independent of the latest version.
What a great enhancement this would be!
This isn't entirely correct.
Older revisions/versions cannot move states independently of the latest version because older versions/revisions cannot move states at all. When a file is released and stamped with a revision, it's fixed in that state. However, if you attempt to change the state of version 4/5 for example, it will move version 5/5 (or the latest version), not 4/5. However, in EPDM 2011 I believe they have added a tool to move all versions at the same time. I think this is used to get old versions out of a workflow.