It does appear that if you drag and drop e.g. a 12.7 MCH file into TBC that you can then create a 12.4 GCS900 Machine and it will get the MCH file from TBC - whether or not that MCH file will work with the older system or not I dont know, but it at least seems possible to do via TBC. I cannot tell by just looking at the file because it is Binary, and I don't have enough of the emulators currently installed to test that so I cannot be sure - maybe you could try it and let me know the outcome here.
Tim's input above maybe the practical solution to your question however. I apologize that I am not so familiar with all of the variants of GCS900 over time and what changed in each version o determine whether or not an MCH file is compatible backwards - it is quite likely that that may also be somewhat dependent on the Machine Type - because for sure not all machine types were affected by each GCS900 release, so some Machine Types may be more backward compatible than others - this would be a question for the MC Group to answer.
Alan