In my previous work, I had a huge VB6 application that contained dozens of VB6 DLLs that we referenced projects in our project group. We often violated compatibility, and manually updating links as you described was not an option.
We initially developed a tool that will update links in all .vbp files in a folder after hacking and recompiling, but in the end I found Visual Build from Kinook Software (www.kinook.com) that could solve this problem automatically.
I have used my solution for many years with success. What's good about their “Make VB6” action (http://www.kinook.com/VisBuildPro/Manual/makevb6.htm) is that it can build the dependency tree and rebuild all your projects in your project group in the correct order while updating the links accordingly.
For your scenario, you need to set the option "Set version compatibility before building" to "No compatibility", and then select the "Set binary compatibility" check box so that projects return back to binary compatibility after assembly.
If you have projects for which you need to maintain binary compatibility, just leave them outside .vbg and it will not restore it.
Gabriel
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