I worked on something similar. But request was: in the future we could change few attribute in child class (add or remove). Parameters for visual inspection.
My solution:
Parent class and all children were in one LV library where in name was version number.
All attributes in children classes were in one big Type definition cluster.
All children classes included Import and Export methods and I unflatted/flatted this one big cluster.
Advantage: I could export old version of parameter to new version. When I need new version I copy whole lv library to new file and rename it.
P.S.: Configuration is saved as string (long string) to SQL server ;-)