It would be easiest to make a copy of the playerprofiles.lsb file (in ..\Documents\Larian Studios\Divinity original Sin\PlayerProfiles ), and restore that after playing the updated Steam version. Otherwise you can create a new unique profile in the old version, and then copy/move your saves from the existing profile to the new one.
Yes, I see the .lsb file in my save games. If I want to try that, renaming my current PlayerProfiles folder to "OLDPlayerProfile" or the like and creating a new empty folder for the updated Steam version is easy enough. Then, as you say, I can always restore my current PlayerProfiles folder for when I return to my existing game.
Many thanks for helping all of us out here on the forums.
- Geezer