I live in the United Kingdom where we can have four seasons in one day and moisture levels vary considerably from summer to winter - so it is something that requires careful consideration. Since posting this question, I've been told it would not be advisable to lay new hardwood boards without a suitable sub-floor and moisture barrier. The recommendation for achieving a suitable sub floor without raising or lowering the floor level would roughly be as follows (bearing in mind the original problem was a drop in height):
1. Take up old boards.
2. Cut strips of ply - equal to the width of the joists - and fix to the top of the joists to achieve desired level.
3. Fix wooden battens to the insides of the joists in order to support sub floor inserts i.e. plywood cut into strips that slot neatly between the joists.
3. With the sub floor now down, sand the whole area to ensure it is level (as the joists might be slightly proud of the sub-floor inserts in some parts).
4. Assuming the fixing of the sub-floor inserts and the sanding has been done correctly, there should now be a level and stable sub-floor.
5. Now lay tar or bitumen-centred 'building paper', to function as a vapour barrier. Whilst nails puncture polythene, the bitumen centre in this material clings to the nails. Apparently, it is now accepted that floors laid on joists that are vented should be laid on building paper.
6. Lay the wood floor - happy days!