It's seems so yes,
first release was 1.1 due to capcom releasing Super Street Fighter II.
This was a very early release without a danger bar and several moves still not added to the game, like Mileena's roll for example.
1.4 was next with additional moves and such..
After 2.1 wich was the first official release was 3.1, wich we all know and play pretty much, with more blood, secret characters and the dead pool fatality added.
There is a 3.2 revision out there (0fficial) wich was the European release and is slightly different from the 3.1 US release.
I've never heard of a 3.0 revision myself, so I'm wondering if it was an official release at the time or a hack like the Challenger, 4.2 and 9.1 revisions..
But my guess is that it was a pre-release of the 3.1