Lets say we want to install (or downgrade to) node 0.6.19 instead of the newest version.
If you already have node, uninstall current version with:
$ brew uninstall node
Then search for available versions of the formula:
$ brew versions node
0.8.3 git checkout 31f8d9f Library/Formula/node.rb
0.8.2 git checkout 50ae8e4 Library/Formula/node.rb
0.8.1 git checkout 9ff0a1d Library/Formula/node.rb
0.8.0 git checkout 01f8006 Library/Formula/node.rb
0.6.19 git checkout 83988e4 Library/Formula/node.rb
Now checkout the desired version. Assuming you're at /usr/local/:
$ git checkout 83988e4 Library/Formula/node.rb
Finally install node:
$ brew install node
Done!