Downgrade 10.7.2 to 10.7.1?
No - but you can make a back up, erase and only install 10.7.1 and migrate the user and apps back from the backup.

If you run into oddball crashes - you can chase them down if the solution isn't obvious. You can then always go to 10.7.2 or worst case erase and go back to 10.7.2 and re-do the migration a second time from the snapshot you have now.

It's not generally good to go back, but sometimes you don't have the things that really matter or the side effects are manageable or you can re-set up those things by hand once you have discovered them.

Spotlight also makes it very easy to see what has been changed since you went to 10.7.2 and you could just revert to then and move those by hand.

Nothing about this is automatic, but it's certainly doable.