Via EOS Utility, no. Apparently, it's possible to change the name of an old FW file to the new one (maybe other steps are needed, too, Google can help), and overwrite new with old.
In this case, I see no need. Except for a couple of bug fixes, v1.1.1 adds the AI Servo point illumination and f/8 AF. If you don't like the former, just don't turn it on (the default is Off, so if you do nothing, you'll see no change). If you don't like the latter, don't mount an f/8 TC combo, or if you do, set the lens to MF.