Yes, it's possible. Submit a binary with a different "iOS Deployment Target" (in Project > Info and Targets > Deployment Target), even if it is lower than the one you currently have.
You'll need to do extensive testing to make sure your code runs on the various compatible iOS, since a lot has changed with the release of iOS 5 (and subsequently, 6), meaning a lot of functions and methods will not be recognized in those iOS versions.
Regarding finding which API's may not work, here's a small discussion of [Finding unsupported API's with OS version][1]
[1]: finding unsupported apis with os version "Finding unsupported API's with OS version".