Panorama should automatically create a backup of the major release software version that you are upgrading/downgrading from. I would still advise you to manually create a backup config file in PAN-OS and download it as well. You will also want to understand what functionality is in 8.1 that is not in 8.0. Then be prepared to lose that functionality. Otherwise upgrading or downgrading should be straight forward. Just make sure any managed FW's are the same version or lower or you will not be able to manage them in Panorama.
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