I think downgrading the firmware will be solely dependent on whether the upgraded firmware allows that or not.. the upgrading or downgrading of firmware is initiated by the current firmware installed and not a separate hardware modification process. hence, after upgrading, it is quite possible and more likely that the firmware will tell you that the currently installed firmware is already of a later version and hence theres no need to install an older version..
about flashing wrong firmware, are you talking about some third party firmware??/ becoz if you download official firmware from the site according to your model, whether old or new version, i dont think theres a chance that your modems gonna get bricked.