Managing Multiple Design Alternatives (ie Design Branching)

In Intralink 3.X there was funcationality called "branching" that would allow an engineer to manage multiple design alternatives (prototypes) of the same part number then finalize on one alternative. In a file/folder environment the typical way to handle this is to duplicate parts into folders to isolate them, explore different scenaros, then incorporate the released one option into the final design.

Consider this basic scenario with a part:

1. Bracket with holes has fitment issues
2. Engineer would like to try 3 different prototypes but keep the same part number
   1. One with slots
   2. One with larger holes
   3. One with tighter tolerancing
3. Engineer chooses the one with slots and Releases
4. The other two alternatives are left at WIP, In Work, Prototype, etc.

So my question is what is the best way to handle this in Windchill PDMLink? We are using 10.1.

Let me know if my issue needs more clarification.