This is not fundamentally different from writing a .NET program and expecting it to run on windows 98 as well as Windows 7. The first choice is obvious, you'll need to target .NET 2.0 or it isn't going to run on 98. Same with Office, pick the lowest version you want to support.
Microsoft has done a terrific job keeping the COM interop for Office backwards compatible, odds are good that a user with a newer version of Office can use your program without problem. This of course is not a guarantee, you need to test it. Which in itself should be a guide to what version of Office you're willing to support. It better be one that you have access to. An MSDN subscription is a good way to get different versions.
Using late binding as suggested by Wiktor is the last thing you want to do. It doesn't stop you from accidentally using an interface that isn't available in an earlier version.