Yeah I dislike how they do that. Technically you could run an older XCode, but then you'd want to run iOS5 if you're developing, which needs XCode 4.x.x which needs Lion. Having said that, Lion is only £20 for the OS (regardless of which previous version you're coming from).
That lion insignia looks like it's 90 degrees counter-clockwise to what it needs to be. If the hammer is held with its stock perpendicular to the ground (the way it would be held ready to attack), the insignia as is would face thr lion's nose toward the sky, which isn't verry cool looking. Just my two cents.