There are four areas to discuss when we talk about updating versions:
Except for data sequencing, all these update areas have a cross-version, multiple version enabled user interface.
The Select button from the OMW Projects tab of the Version Workbench main screen will open the Version Revision screen for a single version or the Versions Revision screen that allows you to revise version details across versions in the grid. Here is the single Version Revision screen:

Update details for single version
And here is the grid-enabled multiple Versions Revision screen:

Update details for multiple versions
Both screens have batch version-specific details available or displayed only for checked-out batch versions. The multiple Versions Revision screen offers wildcarded ‘Find and Replace’ / ‘Replace All’ functionality for the version description.
Using row exit Processing Options from the OMW Projects tab of the Version Workbench main screen will open the standard Processing Options dialogue if an individual version was selected. If a project or version template node was selected, the PO Mass Update screen will be opened after you have confirmed the generation of a working Freezepoint for the detected number of versions popup screen:

Instant freezepoint generation dialogue

Maintain processing options in a grid screen
The grid is QBE enabled and Visual Assist functionality is supported through a clickable visual assist form or UDC specification in a separate grid column. It is wildcarded ‘Find and Replace’ / ‘Replace All’ functionality available. Any changes in the grid are indicated by a clickable Reset value in the most left column which will undo the grid change for that grid line. The actual Processing Option updates will take place in the login environment after the OK button is pressed.
Using row exit Data Selection from the OMW Projects tab of the Version Workbench main screen will open the standard Data Selection dialogue if an individual batch version was selected. If a project node or version template node was selected, the DS Literal Mass Update screen will be opened after you have confirmed the generation of a working Freezepoint for the specified number of batch versions popup screen:

Instant freezepoint generation dialogue