From what i know it is not possible, you can use ICDB Project Backup and see if you still have a restore Point normally the tool creates one when a design is upgraded to a newer Version. But this means that you have to do your some of your work again i guess.
Best would be if the Layouter does update to VX1.1. With the release Switcher he will be able to Switch between VX1.1 and 7.9.5 relatively easy.
Or ask MGC Support they may can help you.
The design "flow" in Mentor Graphics is a very tightly integrated set of tools.
However much you want to move to the next release,
you can't mix and match different versions and expect everything to work.
Encourage the circuit board designer (layouter?) to upgrade,
or capture your idea in a tool he can use.