The problem here is twofold. First, no matter how far you go to extend the available relationships with "clarifying" options, there are always going to be edge cases which fall into the grey areas between two or more choices. Second, the deeper you dig into the arcana which define these relationships, the less relevance they are likely to have for the people making practical use of the MB database.
In the classical music world, "Performing Editions" are generally created, intended, and held to be legitimate published versions which present themselves as an official representation of the core work. Sure, they do include variations, revisions, and arrangements of the composer's original material, and there are often valid reasons for the existence of multiple editions, but their core objective is nonetheless to be definitive. IMHO, for MB, revision of is just fine for performing editions, but I suppose you could also create "edition of"......
"Arrangements" are situations where somebody has made an acknowledged effort to depart from the original piece, and the result is generally presented as being distinct from the composer's original work. Sometimes the arrangement is subtle, like Mahler's arrangement of Beethoven's 9th Symphony, sometimes dramatic like Ravel's orchestration of Pictures at an Exhibition. But the former, though subtle, is not considered to be a Performing Edition, whereas the latter, though drastic, is not considered to be a Version (and is not given a Ravel Op. number). Performing Editions are not Arrangements.
"Versions" are an awkward situation, and sit somewhere between "arrangements" and "editions". These are usually created by the original composer, for performing scenarios where the original composition would not be appropriate, usually for reasons of length, the number (or availability) of performers required, or setting (such as a ballet, with or without dancers). Sometimes (see Prokofiev's 4th Symphony) the rationale is too complex to put in a neat box. It is normal practice for "Versions" to be treated as separate Works, and given separate Opus numbers.