Probably the best you could do with IAP is offer current version as IAP, and roll your n-1 features back into the main app as a free update on a periodic basis (i.e., want the latest and greatest, buy it now, or wait X months/years and get it for free).
Nickle and diming your customers for features also leaves a bad taste in the mouth.
As a customer, I appreciate Apple's model since I know all updates are free and any major version changes usually warrant a new app entry (I find it annoying, but understandable, that the previous version is sometimes retired from the App store), which makes the demarcation clear of what I need to pay for vs. what I don't.