I am not too sure on this .. But one version of AIX in the 5L series has a lot of LVM strcuture changes undergone. I am not too sure 5.2 -> 5.3 or 5.1 -> 5.2.
Before you decide to wipe 5.3 , please check the IBM website to verify whether 5.2 will actually run on your system. One of my colleague told me the 5.2 ML 01 CD won;t boot on a POWER5 hardware.
If you have two systems, then you have a chance to configure one of the system as a NIM server and then install 5.2 on one of the rootvg disks on the 5.3 machine. So you will have both 5.2 and 5.3 on the system depending on which disk you booted from
.. Obv .... dont try to import the VG you will end up spoiling both the operating systems.
Regards,
Kaps