There are many different #4 Contours, old and new medium and low designations for M77 rings, different brands of scope, power ranges, length of tube, etc. Your question isn't easily answered without a little more info.
So, yes, new low rings, which are the same as old mediums might work with some #4 contours and some 40mm scopes. New mediums, which used to be high, would work with more #4 contours and scopes with shorter main tubes than would be possible with the first option. Old lows might not work at all...
Does that clear things up?
Tongue firmly in cheek, here.