The short answer is yes. However, it may need to download the assets needed for a previous version, if they’re not already cached (which will be the case if it’s a fresh install).
The other point to bear in mind is that if you have an app at 1.4 you can’t easily downgrade it. Your use case sounds perfectly okay.
Here’s an example creating a new, old app - note the 1.2.1 file structure:
C:\Users\robfallows\meteor>meteor --release 1.2.1 create oldie
Created a new Meteor app in 'oldie'.
To run your new app:
If you are new to Meteor, try some of the learning resources here:
Volume in drive C has no label.
Volume Serial Number is 4A47-2803
Directory of C:\Users\robfallows\meteor\oldie
02/08/2016 09:48 <DIR> .
02/08/2016 09:48 <DIR> ..
02/08/2016 09:54 <DIR> .meteor
02/08/2016 09:48 31 oldie.css
02/08/2016 09:48 218 oldie.html
02/08/2016 09:48 478 oldie.js
3 File(s) 727 bytes
3 Dir(s) 89,712,267,264 bytes free