Thanks to SteveAdey for pointing out the fatal flaw.
In the end I bound to the SortedList changed the SelectedValuePath and used a DataTemplate binding to the Value to get to my desired goal.
My solution looks like this:
<ComboBox Name="cbxFolder" Grid.Column="1" Grid.Row="0"
ItemsSource="{Binding Path=DataContext.Versions, RelativeSource={RelativeSource FindAncestor, AncestorType={x:Type Window}}}"
SelectedValue="{Binding Path=Version, Mode=TwoWay}"
SelectedValuePath="Value"
ComboBox.ItemTemplate="{StaticResource VersionCbxTemplate}">
</ComboBox>
With this DataTemplate in the resources
<DataTemplate x:Key="saturnVersioncbx">
<StackPanel Margin="5" DataContext="{Binding Value}" >...
</StackPanel>
</DataTemplate>