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From the creator in the T1 Classic thread:

"Priority status can be used on T1 V1.1, or T1 V1.2 or T1 EVO (aka V2.0), but you must choose one of the three."

So you only have priority for one of these cases when they come out. If you don't use your priority status on the T1 v1.1 reserve or the release of the T1 v1.2, then you can use it on the T1 EVO