As far as I know, the only way to allow people to download apps that are in the store but not publicly available is through the use of promo codes. You can generate up to 100 promo codes for each version of an app, so the new version you're talking about would also be subject to that limit. If you were to use this way, you'd only be able to give the update to 100 of your users. So the answer to your question would be no, that you cannot push a private update out to all users.
Is there a reason you need to keep both the old version and the patched version off the air? If the old version had really bad problems, wouldn't they be fixed in the new version? And there's no shame in keeping an outdated version live while you're working on its replacement.