The only way to access the versions is within the Aperture library, there is no way to save a part of the library.
I feel you are really over complicating this and confusing yourself. If you use Aperture you need to have the Aperture library. If you want to backup up your work you need to backup the entire library.
As I wrote above there are basically 4 ways to backup the library, vaults, something like Time Machine, copying the library to another disk and creating a clone of the disk that the library is on,
In all cases if the originals are referenced (not stored in the Aperture library) they will not be backed up when you back up the library, you would need to do that separately.
I am trying to be able to easily access my version files with adjustments, ensure I have a duplicate of them apart from the Aperture Library (for insurance).
Creating a backup of the library will accomplish both of these.
I understand from you the versions don't really use up much space, but I imagine the originals do (when using managed file approach).
The originals will take up the same amount of space whether they are managed or referenced. The only difference is where the space is used. With managed originals the space taken up will be on the same drive that the library is on (as they are in the library).
With referenced originals the space will be on whatever disk contains the originals. But the total disk space used will be the same in both cases.and
I had also read that how I set up the previews will also impact the amount of space which is being used.
This is true. Previews will take up space in the library. The size and quality you choose for the previews will determine how much space they take up.
regards