Well initially we tried to do something like that but it didn't work.
Basically we put LLBLGenPro's runtime libraries under source control, and told VS to reference them from there, hoping to enable a private workspace for all source versions. The idea was that if a certain version of the source code was meant to be built against a certain version of LLBLGenPro, then you could checkout that version of the source code and you would get all the proper versions together.
VS.NET effectively defeats that tactic by searching the registry for every reference on startup, and CHANGING your carefully built project files to reference the newly found versions. So whenever we opened our solution, it found the more recent version of LLBLGenPro under \program files...
Maybe this is different in some way and it will work properly, I'll try
Most of the time I hate VS.NET so much...