Yes, if you open your project and create a file from that, you can technically open that file from any version of Studio. As a matter of fact, you can open that file from any other editing program that you have. The project files are specific and supported only in Studio, but a .mpg or .avi are more universal and can be opened separately from the program they were created in.
If I were you, and were planning on moving my projects, I would open each project, and created a file directly from that. Even though I couldn't "continue" my editing with that file, I could start some "new" editing if I wanted to do so. Afterwards when I've monkeyed around with moving my projects, and found out that they won't open up again, I would simply continue with the created file, and simply accept the minor slap on my hand for doing so. I have been sucessful with moving projects, but I still create files just as a safety net.
One of the drawbacks to using the file is that transitions sometimes cut into the lead in and lead out points on a clip. If you try to cut and reuse the clips, you might not be happy with the shortness of the first and last part of the clip.
If you have created a video_ts folder ( image ) of your project, you could try something quick and easy. You could import your DVD image into studio, and create a .mpg file from that. Since you have not done any editing, the program will create a file very quickly.