Well if you could find a custom ROM based on an older OS version you would be able to. There's some chance it might not be compatible with the newer firmware, but you would make a backup with CWM first anyway (always do that before modifying the ROM), so if there was a problem you could just restore the backup. A ROM based on the HTC software could be fairly close to stock anyway.
CWM won't help if you want to use official software. You need to be S-Off to flash an older RUU (ROM Upgrade Utility - official HTC software package) or downgrade the firmware.