If there is a ‘Previous’ folder on the flash drive it can be removed, but that will mean you can no longer downgrade via the GUI.
If you do not want to consider a larger drive then You can always use the manual method of upgrading by downloading the zip for the release from the Limetech site and then extracting all the bz* type files to the root of the flash drive over-writing the ones already there. A similar method can always be used to downgrade as well. A good idea, though, to backup the flash drive before making any changes.