Are the Mame Rom sets backwards compatible ie: will Mame version .050 run Mame version .100 Roms?
Besides the fact there was no mame 0.050 (or 0.50)

; it skipped from 0.37u16 to 0.54 (37 + 17 = 54) ...
Like markrvp said, some ROMs will be fine, others not. The ones that are not compatible are because the one for the old version was bad (bad dump), wrong (mixed rom from different game/version), incomplete (half dumped or chip(s) not dumped), or renamed zip file.