Steam always brings the version up to the latest official patch in one go.
So, if you download from Steam you'll have 1.05.something.
If you install from the disk and disable Steam updates you'll have 1.0.something, which you cannot upgrade incrementally: turning on updates will bring you up to 1.05.something, as if you were downloading from Steam.
The only way to have the ability to go back to a specific version is to keep backups of each one. Steam does have such a feature. Before applying any update you can backup your current version. I had all versions backed up on my HD, from EU release to the latest one, but disk space was running low and i deleted them.
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