=Downgrading from iTunes 11 to iTunes 10.7=
Back up your computer first, in case the wrong things happen.
Replace the iTunes 11 application with iTunes 10.7. I can't provide details on this since I do not have a newer computer. With mine it is very simple but I believe on newer computers iTunes has been integrated into the operating system. On mine I just go to my applications folder and drag iTunes to the trash. See below for possible suggestions on how to remove.
https://discussions.apple.com/thread/4553961?answerId=20431349022#20431349022
Get iTunes 10.7. Apple does not keep many old version up on its web site.
iTunes 10.7 for OS X http://appldnld.apple.com/iTunes10/041-7195.20120912.d3uzQ/iTunes10.7.dmg
You will have to rescue your old iTunes library from your Previous Libraries folder and rename it iTunes Library.itl because a newer version of iTunes irreversibly updates your library file. See:
https://discussions.apple.com/mesage/20401436 - turingtest2 11/2012 post on rebuilding empty/corrupt library after upgrade/crash from previous iTunes library file.
iTunes: How to re-create your iTunes library and playlists - http://support.apple.com/kb/ht1451
Other issues:
https://discussions.apple.com/thread/4553961?answerId=20432309022#20432309022 - solution to mobile devices saying they need to be restored after downgrading
