Around 4.40 Mimaki made a major change to the mainboard in JV33 machines. As far as I know once you install firmware beyond 4.40 the process is not reversible - in other words it will not be possible to downgrade. Also - up to at least version 5.30 (not sure if there is any newer) the firmware upgrade tool is FW Tool 3 Version 2.3
From the 4.60 notes -"
JV33-130/160/260 and TS3-1600 Main Firmware Upgraded
On this firmware version and later, ROM for IJT(ZHEJIANG)-manufactured JV33-130/160A TypeBⅡ becomes a common ROM of JV33 series. When F/W is updated to Ver.4.60 via an update tool of RLP5 Ver.2.10, it is unable to downgrade its latest version to previous versions because of reasons described below. - F/W Ver4.60 is adapted to white and silver of ES3 ink. Therefore, a regardless of whether white and silver of ES3 ink are used, users can not downgrade F/W version to previous versions which are not adapted to such inks."
Also - from version 5.0 firmware - its somewhat hard to determine due to the engrish - "and the device cannot be operated" - they do not indicate if you get the error before or after loading the wrong firmware. See the attached. It sounds as though you risk bricking your mainboard if you get it to take the newer firmware that is not compatible with the mainboard. The only solution appears to be to contact Mimaki Engineering which only a dealer can do since end users are not supposed to have access to firmware updates or the tools to install them.
and "When F/W is updated to Ver.5.00 via an update tool of RLP5 Ver.2.10 and later, it is unable to downgrade its latest version to previous versions because of reasons described below.
-1) F/W Ver5.00 is adapted to SB60 ink. Therefore, a regardless of whether SB60 ink is used, users can not downgrade F/W version to previous versions which are not adapted to such inks.
-2) F/W Ver5.00 is adapted to the common main circuit board. Therefore, a regardless of whether such main board is used, users can not downgrade F/W version to previous versions which are not adapted to such inks."
I'll also say this - I have access to all the firmware. I'm still running version 2.20 with zero problems. The plus with 2.20 - I can use a generic DX5 (non Mimaki OEM) printhead. Any firmware above 2.20 and a JV33 can only use an OEM Mimaki head for more than twice the price.