As others have said, essentially all the V5 versions of Step 7 are as interchangeable as possible. Get the newest version, v5.6.
If you try to open a newer project (v5.6) in an older version (v5.4), if the new project uses an unsupported feature, that'll try to show you as much of the project as it can, but you probably won't be able to download.
If you try to open an old project in the new verison, it works fine. Make your changes, save, do whatever you need. As long as you don't activate any new features, the old version will be able to open it as if nothing special had happened.
TIA Portal is a separate beast. I like it, but managing software versions becomes a huge hassle.
FYI, you really really want to make sure you have an archive of the project. If you don't know where it is, it is worth a fair bit of effort to call around and beg people to find it. S7-300's don't store tag info or comments in the PLC, so if you have to upload, you essentially just see "Tag1" Tag2" etc.