I have a common assembly file where I have tried to turn off a warning:
warning CS1607: Assembly generation -- The version \'2.0.4.121106\' specified
The reason why you are getting the error is because the revision number is greater than 65534. And I found researching the same problem for my solution is that there is no way (or easy/correct) to suppress this warning. But in order for us to get around it we found that we could set the following code in out AssemblyVersion.cs with your versions as an example:
[assembly: AssemblyFileVersion("2.0.0.0")]
[assembly: AssemblyInformationalVersion("2.0.4.121106")]
This will make it the Product Version of our dlls "2.0.4.121106" when viewing the details of the Properties > Details of our dlls.
You can do it in project properties on "Build" tab. There is a field called "Suppress warnings" where you should put "1607" there.