When you connect your iPad with the cable, it will be visible in Xcode, under Organizer > Devices, on the left side. Provided your IPA is provisioned for your iPad's UDID, you can just drag-n-drop the IPA from Finder onto the Device. It will even show installation errors under Console.
Re-read your question. Are you saying you want to try the new IPA, and then restore the previous (older) IPA with the data intact? I've tried installing an older IPA over the newer one with the above method, and it worked.
However I recommend to get iFunBox. Among other things, it allows to store/backup a currently installed app and restore it later. Verify what it does though.