Hi,
Yes you a dump data from one version of postgres to the other version.
But later you will facing issue with casting of data type's.
e,g
where '5' = 5; works in 8.0 version
But same where clause through's a data type miss match on 9.1 version.
These is just a one example, there might be many other functions that might not be used or compatible with the higher version of postgres.
In this case you need to explicit on the changes in the proc or function. Like as below.
where '5'::integer = 5;
Thanks,
Arun