Troubleshooting issues with iTunes for Windows updates - https://discussions.apple.com/docs/DOC-6562
iTunes: Specific update-and-restore error messages and advanced troubleshooting - https://support.apple.com/HT204770
Repair security permissions for iTunes for Windows. - https://discussions.apple.com/docs/DOC-6842
I am not as familiar with system requirements for Windows and iTunes versions. Downgrading software, particularly operating system, on any platform can be fraught with complications because even if you revert the system version all the other software may have been upgraded to work with a newer system version, and then the files also updated to only work with the newer application version. It can all be tied together. So it may be your iTunes library file has been irreversibly updated to only open with a newer iTunes version than the one you are trying to install. Typically the best way to downgrade is to make sure you have a cloned backup of your computer from before you did the upgrade and then revert back to the entire state as it was before you upgraded.