Going back to an old Gradle version in Android Studio

Android Studio 3.4 comes with a major Gradle update (from Gradle 4.x to Gradle 5.1.1). When opening old projects, it recommends applying the Gradle update to them, but not all projects are ready for it. The File | Project Structure dialog can be used to change a project back by setting the Android Gradle Plugin Version to 3.3.2 and the Gradle version to 4.10.1. After sync, Android Studio will prompt to update once more, but it can be told to not ask again for the project.