Ah..... sorry - I just understood that you were asking about idw vs dwg for Inventor drawing formats.
You're trying to attack two additional issues:
1) Saving back to an older DWG version
I actually can't speak to the details (i.e. I don't know them) but the whole goal of IV being able to save to both formats was interoperability between current versions of AC/IV. I'm pretty sure that it was NOT intended for any sort of backward compatability. In general, every time you export 'back' you have to simplify the file back to a level that the older software understands. Once done, there's no coming back. Details do get lost in translation.
2) Saving solid geometry as DWG
You are talking about two very different things - saving a DRAWING of a solid, vs saving a SOLID. The analogy might be... if I take a picture of something, then there isn't much difference between saving the picture in jpg or png - they're both just representations of the original (yes, of course they're different, but in practical terms, they're both just pictures). So drawings can be saved in either format - they're just pictures.
The confusing part might be this : DWG files can be used as 2D representations, and they can also be 3D models.
Both PART (ipt) and ASSEMBLY (iam) files store much more/different information than an Autocad 3D DWG file. You can *export* a part file out to a 3D DWG, but all sorts of information gets lost in the process. Same thing for assemblies - Autocad can see the shapes that have been exported, but it has no understanding of the constraints, relationships, etc. It just comes across as a pile of 3DSOLID entities all stuffed on layer 0. Once the solids are exported, there's no coming back with the same level of information.
So, I think you figured it out : (Edit #1 and #2)
Re:grading the other issue.... older software trying to access newer files...... one 'benefit' of software development is that new features don't always translate back to old file formats. So you have the option of either trying to make your shiny new software perform just like the old, or use all the new features, and accept that the old software can't access it. Trust me.... we ALL face this decision at some level or another. Every organization deals with it their own way, but I'd at least consider the possibility that if the mixed environment is costing you time/money, then there might be a business case to be made for a across-the board upgrade.
Todd
Product Design Collection (Inventor Pro, 3DSMax, HSMWorks)
Fusion 360 / Fusion Team