How do I get a Winforms application embedded in an html page to bind to 1.1 Framework

I have a winforms application that is embedded in an html page with an object tag [1].Our application works correctly under 1.1, but not 2.0 (we get some interesting security exceptions around statics, so I would like to force it to run on the 1.1 Framework. I added the requiredRuntime element to the startup section of the webclient.dll.config file [2] and expected that it would be started against 1.1 Framework.However it still gets launched with the 2.0 framework.

Other details:
1) The IIS logs show the webclient.dll.config being downloaded.
2) We have a pair of applications launched over the web (via an href[3]) – with the same change in their respective config files, they’re launched against 1.1.
3) webclient.dll.config is correctly named – on machines that don’t have 2.0, we see other elements in the config file being applied correctly.

What do I have to do to get, my embedded winforms application in launched with the 1.1 framework?

[1] <OBJECT id=webclient
classid="webclients.dll#Databeacon.Insight.WebReporter.WebClient" VIEWASTEXT>
<PARAM NAME="CubeUri" VALUE="Examples/Absco/Absco.cb4">
<PARAM NAME="ReportStoreUri" VALUE="http://dotnet-build/beagle/Store.aspx">
<PARAM NAME="CubeName" VALUE="Absco.cb4">
<PARAM NAME="UserName" VALUE="19216811931100124098880">
<PARAM NAME="DefaultReportName" VALUE="Herbal Supplement Launch Monitoring">
</OBJECT>

[2] <startup>
<requiredRuntime version="v1.1.4322" safemode="false"/>
</startup>

[3] <a href=”playerlauncher.exe”>

[2401 byte] By [MarkLevison] at [2008-1-23]