I like this idea, but if I may, how about this model:
"[Current recipe] based upon 'recipe X'".
Where Recipe X is a hotlink, created by selecting the recipe it was based on.
This would give you versions, but it would also serve those who like to brew non-version variants (fruit beers, hop or yeast substitutions, etc) which might not fit into a "versions" view of things.
That's actually how I'd version my recipes anyways (instead of version numbers, note something in the title... but would really like to hotlink back to the original recipe).