Right now my V3.1 is running perfectly, so I am hesitant to chance installing 3.2. My question is, I still have the client install for 3.1 on a backup drive. If I backup the content folder  first, then uninstall client and content and then install 3.2 client and content, and it produces some unwanted results, can I then uninstall 3.2 client and content, and reinstall 3.1 client   and replace the 3.2  content with the backup 3.1  copy? 

Yes you can, happened with me I had a problem with 3.2 client and rolled back to 3.1 ok. Just follow the same install process.