Yes, you will lose content if you revert to any version, since you have to restore a database from prior to the upgrade.
The advice I have for you is hold out for 5.1.6.
Yes, I have seen that screen shot, and it provides no diagnostically useful information. We would need an AdminCP and ftp login to even start to diagnose the real issue behind that error message. Which I believe I've told you, a few times.
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