No, Librray Management is intentional about NOT allowing the ability to edit prior version of a form. In initiual releases of librray management this was possible, the ensuing issue became that there was no tracability to what version was supposed to be running when and this caused any Section 404 compliance to be void. If a prior version of a form needs to be placed back into production, a user with the correct permisisons can do a read only copy of the prior version and the be required to import the newly saved version as a new revision or new version. You do not have to export. This ensures that there is a complete history of what action was done and by what user. This eliminates any question to the intent or a user from a compliance perspective.
Just wanted to follow up with the community on this one. I was about to explore the possibility of directly manipulating the database files when we came across a level of access that can be granted at the user level. "Modify Prior Versions" is its name.