I don't know about backward compatibility of the recent TWRP to CM11, but historically every CM major release (CM7, CM9, CM10, CM11) required a new CWM version which was not backward with previous CM major releases. To be safe, you should use an older CWM version such as the one linked to the first post of verygreen's CM11 thread. You should be able to use your current TWRP to flash the old CWM flashable zip file, then reboot into the old CWM recovery you just install to flash the CM11 and GApps zip files (see http://forum.xda-developers.com/nook-hd/general/how-to-updating-hd-hd-internal-emmc-to-t2863171 for more elaboration).