The problem with this is that the Java 1.5 JRE contains additions to the libraries not found in the Java 1.1 JRE. So, even if you were somehow about to decompile the bytecode back into Java source code, the Java 1.1. machine in question still wouldn't be able to run it.
Additionally, when you decompile the byte code, it's not going to be as readable as it originally was because you lose the names of local variables and parameters.
I don't really see a completely automated of doing this. Depending on the size of the project, it might be better to set your IDE to use source version 1.1, then manually fix all of the errors you come across. Some stuff, like replacing foreach loops with regular for loops, is going to be pretty easy and your IDE might be able to refactor automatically. Other things, like replacing Java 1.5 library calls to their 1.1 counterparts, will require some thinking on your part.