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It should be one OPM version against one version of Micorosft word or Excel version.
If you installed OPM version to different directory may be possible. (no tested yet)
The mechanism should be MS Word or Excel plugin relation file can be found in your OPM directory
\Oracle\Policy Modeling\Oracle Policy Modeling Excel 2007.xlam
\Oracle\Policy Modeling\Policy Modeling Word 2007 Template.dotm
This plugin file could not exist multi versions in \Oracle\Policy Modeling directory.
For example if other version exist in this directory OPM project file not start excel or word file with double click.
It shows error message.
Oracle Policy Modeling Excel 2007.xlam
Oracle Policy Modeling Excel 2010.xlam
Or you can start manually from Micorosoft Office menu and open project file can be work.
Unless Word reports some technical limitation when changing the associated template, OPM should be able to convert a Word document from the version it was created with to the version on the current machine.
Any project created in the same "minor" version of OPM will work interchangably. So a project in 10.4.0 will open in 10.4.1 or 10.4.2, and a project in 10.4.2 will open in 10.4.1 or 10.4.0. For the same major version, you can upgrade a project to a later minor version but not downgrade. So a 10.2 project will upgrade when opened in 10.4, but it is then no longer able to be opened in 10.2 (a backup is created prior to upgrade)