Reasoning
The current project version structure resembles Git: it consists of immutable commits, with the only mutable objects being tags and branches that point to commits.
However, there are engineering and modeling systems that we would like to expose their contents using the SysML API even though their collaboration model does not fit this. Some or all work happens in context of live collaboration boards with mutable content but without a history expressed as a sequence of immutable, named commits.
Proposal
I think we need another version concept in the standard, that of a whiteboard.
In some sense, this is a mutable counterpart to the Commit concept. It contains elements, though without immutability subsequent read operations or queries may return different results at different times. Similarly to the concept of parent Commits, a Whiteboard may be based on a single base Commit and express a delta compared to it; it should be possible to read the whiteboard as a parent commit + delta, without having to read the entire combined content. It may also be possible to submit an update in order to mutate the whiteboard state (though here we should take care to make this idempotent), or to rebase the whiteboard to a different base commit.
Just like branches, there would be 0 or more of named whiteboards associated with a project, and one of them may be designated as the default whiteboard. Also just like branches, whiteboards would have some content at any time; this content can be directly accessed or used in queries. Just like with branches, the Service makes no guarantee of immutability; subsequent queries of the same whiteboard may yield different results.
However, with a branch it is always possible to get the current state as a Commit and keep this reference for future queries. On the other hand, in case of a whiteboard, it may be possible to baseline it; this is essentially a commit operation that creates a commit out of the current state of the whiteboard (indicating the base of the whiteboard as the parent of the new commit), and sets the whiteboard base to this new commit.