Following the H-Encore2 PS Vita 3.65-3.71 Jailbreak and Sony's 3.72 OFW Update comes a PS Vita / PS TV 3.71 & 3.72 Downgrader to 3.65 Firmware by SKGleba on Twitter, with a dsll-mdr72.vpk guide below alongside a video tutorial from NanospeedGamer on his YouTube Channel. 
Download: dsll-mdr72.vpk / GIT / modoru.vpk (no need for dsll-mdr72 any longer) / GIT
As always, downgrading is done at your own risk so be sure to follow all documentation closely to avoid the possibility of PlayStation Vita / TV bricking!
From the README.md: Plaintext update_sm loader for 3.71 - 3.72 based on decsec-ldr
This tool will make lv0 load plaintext "ux0:data/update_sm.bin" instead of "os0:sm/update_sm.self".
Usage
And here's the Vita/TV 3.72 downgrade guide from Pastebin.com:
How to downgrade PlayStation Vita and PlayStation TV from firmware 3.71 or 3.72 to firmware 3.65.
1) Required files:
Thanks to SKGleba, TeamMolecule and TheFlow. We finally have downgrade for our PSVita in version 3.72 and 3.71, and all thanks to this great PSVita Devs team!
Also with this tutorial you can install Enso, permanent Henkaku, on your PSVita!!
Download: Downgrade Vita 2019 (1).rar (254.4 MB)
How To Downgrade Your PS Vita On 3.71 / 3.72 FW! H-encore² | dsll-mdr72 | 3.72 ➤ 3.65
Downgrade PS Vita 3.71/3.72 to 3.65 | modoru | dsll-mdr72 by Tech Exploit
How To Downgrade With Moduru V2.0 PS Vita 3.71/3.72 FW! + HENkaku Enso!
Download: dsll-mdr72.vpk / GIT / modoru.vpk (no need for dsll-mdr72 any longer) / GIT

From the README.md: Plaintext update_sm loader for 3.71 - 3.72 based on decsec-ldr
This tool will make lv0 load plaintext "ux0:data/update_sm.bin" instead of "os0:sm/update_sm.self".
Usage
- Download and install the VPK
- Put decrypted update_sm elf in "ux0:data/update_sm.bin"
- Run the app, it should say "module loaded"
- If it hangs or crashes you will need to reboot by holding the POWER button
- Framework injection reliability: 25%
- Framework stability: 90%
- Before performing dangerous operations such as downgrading please make sure that the framework is stable (i.e by running the settings and welcome park apps)

How to downgrade PlayStation Vita and PlayStation TV from firmware 3.71 or 3.72 to firmware 3.65.
1) Required files:
- PlayStation Vita firmware 3.65: PSVita OFW 3.65 complete.zip (the "full" pup - 302.20 MB)
- PlayStation Vita firmware 3.72: PSVita OFW 3.72 complete.zip (the "full" pup - 302.3 MB)
- Latest release of modoru by TheFlow: modoru.vpk
- dsll-mdr72.vpk by SKGleba: dsll-mdr72.vpk
- Decrypted 3.65 update_sm: update_sm.bin (39 KB)
- Install both VPKs via vitashell
- Copy the 3.65 PUP to ux0:app/MODORU000/PSP2UPDAT.PUP and the 3.72 PUP to ux0:data/PSP2/UPDATE/PSP2UPDAT.PUP if you have a memory card
- Copy the update_sm.bin to ux0:data/update_sm.bin
- Power off your device
- Power on your device
- Enable homebrew with h-encore2
- Start "decsecldr[LITE]", wait until it says "module loaded" and then press [start] to exit
- If your console hangs (longer than 15secs) or crashes - hold the [power] button for 20s and repeat from step 3, this may happen A LOT of times, good luck!
- Start "modoru" and follow the instructions displayed on screen
- That's it!
- If you get a long "floating bubble" before modoru starts - abort the process and repeat from step 3.
- If you encounter a crash during the downgrade process (green screen) - reboot to safemode by holding PS+RT+POWER and select update system firmware->update from vita memory card.
Thanks to SKGleba, TeamMolecule and TheFlow. We finally have downgrade for our PSVita in version 3.72 and 3.71, and all thanks to this great PSVita Devs team!
Also with this tutorial you can install Enso, permanent Henkaku, on your PSVita!!
Download: Downgrade Vita 2019 (1).rar (254.4 MB)
How To Downgrade Your PS Vita On 3.71 / 3.72 FW! H-encore² | dsll-mdr72 | 3.72 ➤ 3.65
Downgrade PS Vita 3.71/3.72 to 3.65 | modoru | dsll-mdr72 by Tech Exploit
How To Downgrade With Moduru V2.0 PS Vita 3.71/3.72 FW! + HENkaku Enso!