http://bugs.winehq.org/show_bug.cgi?id=58209
--- Comment #1 from Nikolay Sivov bunglehead@gmail.com --- You'll have to relaunch anyway, but you can use "winecfg /v winxp" from command line already, to avoid going through UI.
Then you can configure different version reported for a given exe file you run, if you need this change set permanently for some application.