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Two methods I can think of.
1. Delete iterations 1.4 and 1.3.
Or...
1. Add 1.2 to your workspace and open in Pro/E
2. Go to your workspace and update the file in question.
3. When Pro/E prompts you to update the file in session, pick NO. Do not update the files in session.
4. Workspace now contains 1.4, while you have 1.2 open in Pro/E. Check out 1.4.
5. Save 1.2. When you do so, it will become 1.4+.
6. Check in 1.4+ and it becomes 1.5.
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I'd be wary of Tom's preference alteration. Set it for your admin account only if you choose this route. Don't set it globally for all users to play with it.It can be useful and powerful, but you'll run into users that accidentally revise old versions, writing over "good" data with an older, not-checked/not-approved/not-released version.