Quite... I went with Option 2. Two reasons: No time to swap for another machine - looming deadline, important client, very remote location, so not feasible."I just got my shiny new 27" iMac this morning, and it's a fabulous machine from what I can tell so far. Not so fabulous is that it came with Catalina installed, so half the apps I use daily don't work any more. So, I need to downgrade."
As others have already told you... you can't.
If you (like me) have numerous 32-bit apps that you absolutely want to keep using, you have two choices:
Choice #1:
Return the 2020 iMac while you still can, and get an Apple-refurbished 2019 iMac. These will run Mojave and you'll be able to run your 32 bit apps with a "native boot".
Choice #2:
Use emulation software such as Parallels or VMWare Fusion, and install an older OS that way. You'll still have to BOOT the iMac "in Catalina", however.
Option 2 is working out quite well. VMWare Fusion 11.5 running Mojave, run the 32bit apps I need in there, shared folders, all good. In fact, I swear it runs a bit quicker than my old Mac Pro 3.1! Almost everything else I've updated or was working anyway, or I can live without for now. Once I have a bit more time I can tidy up the loose ends, but as things stand, I'm happy with it.
Thanks everyone for all the info and advice - it's been invaluable and stopped me wasting a lot of time on stupid things!