Regarding backwards compatibility of truecrypt volumes, its in the
documentation. As of v5.0 truecrypt uses XTS mode for key generation. Version 4.3a and earlier only use LRW for key generation method, thus prior versions to 5.0 have no capability of reading from or writing to volumes created v5.0 or greater provided that XTS was used (it is selected by default, if I am not mistaken). I found that out the hard way when upgrading some of my clients' workstations...
If you read the ebuild, it lists a dependency on sys-fs/fuse, which is the externally built modules for FUSE, not the in-kernel ones. It doesn't look like truecrypt looks to see if FUSE is built in the kernel already; it makes you install the modules from portage. I also see that this release of truecrypt was made stable before either of the two stable versions of fuse in portage were stabilized (by about 2-3 days). I assume then, that truecrypt may not have been tested fully with the latest modules for fuse available in portage.
So, since I believe this is an issue for the devs and maintainer, I filed a
bug for this problem.
Morimando: I believe that the only security issue with using a v4 volume with v5 is that LRW key generation is technically not as secure as XTS. So you're not really introducing any new vulnerabilities by doing so since you originally created the volume using v4.x.