Yeah, from what I understand, VS2005 can be used to upgrade eVC 3 and 4 projects, but only for targets of CE 5.0 and above, [
as described here].
Whether you can repurpose the binaries produced for CE 5.0 for use back on CE 4.1, I have no idea. But like you, I was only able to select ARM CPU's. I suspect that's because I need to install the appropriate CE SDK (Platform Builder, etc), as opposed to just the SmartDevices SDKs.
From what I understand, VS2003 did allow CE targets such as 4.1, but only with managed (.NET) code, and not for native, C++.
If I was in your situation, I'd probably look at using addons for the old (VC6-based) eVC IDE such as [
Visual Assist X]. I used to use their older product on VC6, and loved it.
But then again, I don't know what your motivation is to move to VS2005...