Resolution:
Yes, we can use BW Collaborator 5.2.0 (BWC 5.2) with BW/Admin/TRA 5.2.
If BWC 5.2 and BW 5.2.1 are installed after installing Admin/TRA 5.3, there are NO manual changes needed.

However, if you upgrade the Admin/TRA from BW 5.2.x to BW 5.3 while BWC 5.2 and BW 5.2.1 are already installed, there are some manual changes to the .tra files.

Following are the steps required to be done manually, when you upgrade to Admin/TRA 5.3(and want to use it with BWC 5.2)
1> Un-deploy the current BWC applications and delete them.
(if you do not delete step you can not do step 3)
2> modify the following template files to point to tra/tpcl 5.3 -
    a) $TIBCO_HOME/bwc/5.2/bin/tomcatsetenv.bat
    b) $TIBCO_HOME/bwc/5.2/bin/weblogicsetenv.bat
    c) $TIBCO_HOME/bwc/5.2/template/tomcattra.template
    d) $TIBCO_HOME/bwc/5.2/template/wfjavaserver.tra
    e) $TIBCO_HOME/bwc/5.2/template/icjavaserver.tra
    f) $TIBCO_HOME/bw/5.2/bin/bwengine.tra
3> Re-register (un-register and register) tomcat using Domain Utility
4> stop the newly registered tomcat service (if available)
5> Create platform war using Domain Utility
6> Start the tomcat service.
7> Deploy the BWC application.

Can we use BW Collaborator 5.2.0 (BWC 5.2) with TRA/Admin 5.3?