Is there a way in current release or planned in the future to have a mechanism to update a previously created revision of the object and possibly update the revisions' created henceforth.
1) is there a way to go back in time and delete the trail of versions
2) is there a way to pass through the date at which the version is tagged and not be just the system date
no, currently the revisions and the history is unmodifiable. Unless, of course, you just execute a query on the audit tables - that's possible :)
I don't understand 2).