Release the variations under the same SKU. It's not like you're manufacturing rocket engine parts. Have some fun with it! This whole thread of "it can't work because that isn't the way we've always done it" is comical to me.
Most bands are funded similar to VC.. there's an investment, then payoff then profit. If you don't payoff the investment because you "had fun with it", your band will be dropped and you are searching for a label while working your day job.