Does it need to be done at each step, though? Couldn't the test data be added at just one point (where the schema is known) and just let it run through all the subsequent migrations to see if it goes boom?
Perform some arbitrary list of valid actions. (This alone is valuable)
Run the new migrations.
Perform some arbitrary list of valid actions.
Assert no crashes/errors.
I've found this great for testing APIs - just "perform some list of user actions and make sure things don't explode" can catch a lot.