Dunno if this'll translate to this new 'save fix' version, but while you can't load 1.2.0.7 saves into older versions, you can load the 1.2.0.7 player library into them. Saves rereolling, that has to be good... right?
You can even load the superdemo library.
Heck, I am pretty sure you can load a save into hex edit program and copy the relevant portion from old save to new with all items and shit (maybe no spells though), to quickly breeze through what you played before if you think of upgrading to save-incompatible version. The amount of bytes per character and their position seems identical to the library, and I did in fact overwrote one of ongoing chars I was displeased with a newly created one copied from the library.
Hey
Zep Zepo , don't you want to add a functionality to export and import characters between saves and the library to your editor? Now that would make it useful for more than mere cheating.