The key you will need to add is:
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\.NETFramework\AssemblyFolders\<some name>
The <some name> will need to be replaced with something like "SF 1.5" or "StrataFrame 1.5"; it isn't used, but it helps you identify it if you come back in there later. You will then need to set the value of the (Default) value within the key to the full path of the folder containing the 1.5 DLLs.
After you do that, the next time you restart VS, you will be able to see both the 1.5 and 1.6 DLLs as selectable items in the Add Reference window.
This is entirely up to you and I understand your logic. If a product is going to continue to mature then we always migrate it forward. However, if it is complete and never going to change..hopefully ...then if it ain't broke, don't fix it