Running applications from source is a bad idea in almost all cases. I highly suggest building EXEs. That being said it is more work to make an EXE. Especially if for some reason the builder craps out and you need to start over again. Locking down an application is critical if you are taking any kind of measurement so you know a developer wasn't fudging the numbers, or adding filtering and averaging to make it pass.
I'm lucky enough that my company currently has a renewable license scheme, so I don't have to deal with your specific problem. LabVIEW 2011 is the oldest I currently go back to, but all active programs are developed in 2013 SP1. We generally wait until the SP1 release before using it on any programs. We don't usually upgrade a project to a newer version of LabVIEW, unless we see a need for it. It has added risk associated with upgrading, which is why we have some older programs running 2011. Having all versions you need is important because saving as 2011 in 2014 means you can now only open it in 2014, which could be a problem if all of your developers don't have the appropriate versions.
2011 is basically the oldest I'd want to go back to. 2010 didn't have static VI references, and a bunch of the other application control functions used often today. Here are some of the major benefits I see from going from 2011 to 2014.
Conditional auto-indexing, and concatenating loop options.
Icon Editor API for code generation. In 2011 there was some kind of API but starting in 2012 it had more exposed.
Code complexity metrix using VI server
New scripting functions, some with events
Bookmark Manager, for keeping track of todo's or other tags in source
Improvements in QuickDrop. Especially the auto-wire, which could be done in earlier versions.
Clear specific error (OpenG has a function like this)
More control over events with the events palette
Event structure now has a trace window for debug
Events can be lossy
Much improved shipped examples
Improved versions of the Actor Framework
Mouse scroll event
And what might be a big selling point, is the fact that the Professional and Full LabVIEW 2014 now includes PID Fuzzy Logic Toolkit, and Professional also includes Database Connectivity, Desktop Execution, Report Generation, Unit Test Framework, and the VI Analyzer Toolkit.
EDIT: Oh and lots of FPGA and RT updates