I have the same situation. I have an older iMac and I have used that when I really want to go back to iMovie v9 for editing. I put the movies I want in the appropriate folder (Event in iMovie Events folder and Project {if I have created one}, in the iMovie Projects folder) on an external HD. Then hook that drive to the older iMac, open iMovie v9 and all works well. But I must say, the more I work with iMovie v10 the more I like it. One of the best features is that in renders movies in the background so one can continue working. You can even "Share" your movie to several different venues and it keeps track of all and sends them when it's ready. Right now I have movies going to File, iTunes and Email.
One thing I don't like about the iTunes interface is that the shared movie is hidden way deep in the Library. Consequently if you have that movie on an external drive and disconnect it the movie will not play in iTunes. So I usually make a file and load that into iTunes. Duplication I know, but it works for me.