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Default Question on functions various Excel versions support

I am in process of creating an Excel template file that will be used by
multiple users who may have multiple versions of MicroSoft Excel on their PC.
The user will download the Excel file from my site, enter information in the
file and then upload the data to my website. Most of the data in the Excel
spreadsheet will be free form. There will be one colum where I'm creating a
picklist that the user must select from. I am currently using MicroSoft
Excel 2002. If I save this file as an older version like version 5.0/95
Workbook, will users who have this version on their PC support the picklist
functionality I've created in the template file?

Ted