yes

 

All you do is just make a copy of your current 1.3.1 minecraft.jar file, put it in a diff folder/ desktop, then hit Force Update on minecraft before you start it up

 

Oh, so we can still use our 1.3.1 clients? If so awesome! I get my mods back!

 

1.3.2 client is compatible with 1.3.1, but not all mods are up to date (if you use mods)