When a tool throws an error and it tells you it needs Lib-1.2.3, it sets that as the minimum requirement, so Lib-1.1.1 will not do, BUT the the only available version is newer, like Lib-1.2.8, then it should still work
It'd be better if it were to say it needs 'Lib-1.2.3 or higher'...
So don't worry too much about that side of thing...