I don't think so Dave. I was moving towards having a table specific for the mods to track their version, revisions, etc but the main discussions to be with normal posting.
How about extending a bit what Scream said: If we have all our mods in one place, and the original post is "locked" - so to speak - for the author and admins/moderators, then for the discussions concerning the modification itself, we can alter a bit the post screen to include a combo box, which will list all the modifications. Once the user selects a particular modification, a link to the original post is passed at the top/bottom of the post, so we keep track on what is where....
Warm regards
Nikos