Sure - the pins on the cat 0 will be too small for your cat 1 hitch, but you just put spacers (sleeves) in. You can find them at tractor supply stores and some hardware stores.
Bear in mind that the cat 0 implement was designed for much less horsepower than your bigger tractor. You will be able to destroy it - it is kind of like running a speaker with a much bigger amplifier than it was designed for. It'll work just fine until you put in too much power and then it frys.
Not precisely the same, but a couple of tractors ago I traded a Cat 1 for a Cat 2. Wasn't long before I pretzled two of the implements that I'd been using with the previous Cat 1 tractor. I fixed them up best I could, and traded up to Cat 2 replacements. No problems since.
It's a simple matter of the right tool for the job. Depending upon what type implements you're talking about, yours could end up pretzled too.