I think you are out of luck, in reality. Please explain the exact situation, and why this is a problem.
You can put code in Workbook_BeforeSave, checking Application.Version. You can prevent the save or allow the save. But saving to a specific Excel 97 version? Not exactly sure about that. XlFileFormat has a slew of various formats, but I am not exactly sure that FileFormat:=xlExcel9795 will solve your problem.
I know that compiling in 2002 will have problems when the code runs in 97, but the code remains the same.