Yes, this should work fine.
We had several DLLs written in C # on .NET v2.0 and deployed on v3.5 without any problems. The same thing happened for v3.5 - v4.0. Running side-by-side in .NET, combined with the v3.5 information stored in your DLL at compilation, allows you to do this. You should always try this in a test environment so that your v3.5 DLL does not call any obselete APIs that break changes with v4.0. If you use the DLL version v3.5 using pinvoke or other similar methods to directly invoke the Windows API, you can run certain tests there to ensure that they still work properly.
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