I would say that it depends on the amount of PHP 5.3 code, and if your project costs you more than $ 5 a month.
My main suggestion: Change your hosting provider.
If they do not offer PHP 5.3, the version of PHP released on June 30, 2009 (that is, two years!), You better not just waste time getting your project to run there.
5.3 is mature enough to be used in production, and 5.2 has completed its life cycle ( end of support for php 5.2 branch ).
Just do not waste time creating an "old" application because of some kind of hosting company.
edorian
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