Good point of time to unlurk a bit despite work load and give a few comments on this

Basically I second what Geert says about branching. The primary statement here is: Branching kills (as well as multitasking does, but- different issue).
However I acknowledge that historical reasons and long time support contracts (as well as customer and management attitudes) often contradict any attempts to get rid of this branching thing.
So we're trying to use only DBMS central repository for every other Version Control needs, as:
- Merge between Headline of a model and a previous release version
- Work on different versions of the same model into the same EA project
Note that a EA project (be it local, shared or as DBMS) only holds one single instance of a project. You can see the DBMS as a VC repository in which you check in and out information from your VC or baselines.
Usually this is the latest (HEAD) branch.
Important warning: If you check out information from a previous baseline (no VC involved) into a shared repository you overwrite what is currently in it. If you check out previous version data from a VC, people will get confused as there is no sign of evidence which version actually is reflected by a package. Remember? You have a shared model.
The way to work here is as follows (best practice- If I am talking about "best practice" it means the least distracting way to deal with the branching issue- there is no "best" one): The DBMS holds the HEAD branch on which is worked on and on which baselines are drawn.
Whoever is working with previous versions checks out the baseline (from EA or VC) in a separate (=local) EA project (thus holding the old branch), modifies it and sets up a new baseline which can afterwards be reimported into EA and carefully merged with the tools provided.
If the changes of a previous version do have to be merged into more versions/branches/etc. then this has to be repeated for all target versions.
Eg. you want to modify version 1 into 1.1, but would like the changes appear also in version 2 (making it 2.1), 3 (->3.1) and HEAD, then you would have to checkout 1, 2 and 3 each in a local project and apply the merge from the 1.1 baseline and apply it also to the (DBMS) HEAD.
As you can see the scheme is cumbersome and error prone but if you really insist on branching, this is the way to go.
I hope this helps.
Oliver