The only method to downgrade a Photos Library from Mojave to High Sierra is iCloud Photo Library.
If you are willing to pay for a month the fees for enough cloud storage to accommodate your complete Photos Library, you can get a Photos 4.0 library converted by downloading it from iCloud to your computer with Photos 3.0 on High Sierra.
- Connect a drive with enough storage for the converted library to your High Sierra Mac.
- On your Mojave Mac open the library you want to downgrade to Photos 3.0. Enable iCloud Photo Library and wait for the library to upload to iCloud.
- Now create an empty photos library on your High Sierra Mac on the external drive. Enable iCloud Photo Library. Wait for the library to download to this Mac.
Once you have the library again on the olde rMac, disable iCloud Photo Library on all Macs.
iCloud Photo Library makes it easy to share a Photos Library between Macs with different system versions. Two of My Macs are running Mojave, the third one is kept on High Sierra, but all are sharing the same Photos Library in iCloud. On my Mojave Macs the library version is Photos 4.0, on the High Sierra Mac it is Photos 3.0, on my iPhone X it is iOS 12 and the iPhone 5s iOS 11. I just love how easy it is to keep some devices on older versions, but still share the Photos Library on all devices and keep the libraries in sync, thanks to iCloud Photos.