As you are an ENTERPRISE user you could use the backup 'powertool'. It will let you uncheck the UTF8 encoding that is not supported by MySQL 4.0. That will solve issues with non-ASCII characters. But you will have to edit the 'create table' syntax a little (deleting the SQL_MODE, ENGINE and DEFAULT CHARSET definitions).
“are you planning on incorporating this feature in a future release?”
Well. no plans actually. I think we not even discussed it. Maybe we should! And that would then also apply to 'copy to other host'.
However 'data sync' (when table structures are created in advance) should work across versions.