My suggestion is that you should make a backup of the project first, then you should run the migration wizard of VS 2008. When it asks you if you want to see a report of all the files changed during migration, select Yes. It will display a list of files that were changed during the process.
In almost all cases, files changed are limited to the Project files in which the version number is changed. However, there is no hard and fast rule that nothing else will be changed and you should not be relying on this. The best way, IMHO, is to check the changes in each file that is mentioned in the Changed list.
If the only files changed were the project files, you should be easily able to maintain the code in VS 2008. Just change back the version in the project files when you need to redeploy.