V 1.20 to V1.4 update

Can version 1.20 be upgrade to version 1.40 withouth upgrading to 1.30.

                                                                          Thanks,
                                                                          Bob H

You can. Please follow the instructions what you can find in this screencast

I'm also going to be upgrading directly from v1.20 to 1.40 and watched that webcast to see what the process will be.  I have a couple of questions.

1. I haven't modified modules or basic site functionality, but I have modified the darkorange theme to suit my purposes. (primarily size changes)  Will I be able to continue using that modified theme or will I have to redo everything?

2. I have spent a ton of time entering my products with their various attributes, specs, and pricing levels.  Will I need to backup the old database and then somehow merge it with the the new one because of changes to the database, or will the upgrade process take care of that?

3. Will I lose all global, shipping, tax, and payment settings and have to redo them?

1. No. You'll have to redo theme changes.
2. ALWAYS backup your data before upgrade. You don't have to re-enter your products, categories etc. But you'll have to re-enter all product specifications.
3. No, you'll not lose it