I need assistance in my approach to organizing overlapping timelines with the Formal Project Management Template.

Our development process consists of a Release every 60 Days and releases consist of consist of distinct sub systems of work. For example, I have my release that is broken into teams that complete work of features to be delivered. However, before a release is completed we are starting on the next release( requirements, design and coding). Here are some of the problems I ran into with the Formal project Template which fits our organization.

When you create a project you get a Main Development timeline with the following iterations:
=> (timelines)
-- iterations

=>Main Development
---- Release 1.0
------ Requirements Phase
------ Design Phase
------ Code Phase
------ Test Phase
------ Deploy Phase

---- Release 2.0
------ Requirements Phase
------ Design Phase
------ Code Phase
------ Test Phase
------ Deploy Phase

1. Since these are all iterations in the same timeline I can only have one set as current, when in reality two are current.

2. When I create work items I noticed the 'planned for' will show multiples of the iterations, i.e. two Code Phases are listed. I would have to hit the more button or give a different display name to distinguish.

3. My Release Plans have tasks that are repeated for each team of developers. If I have a release 2.0 that has three separate teams working on different parts for the system. Then I have a task to design that piece and this piece and the other. So, I have three duplicate tasks that are listed in the same design phase, i.e. Create Design Document. Can get cluttered.

4. I thought I could break these teams into team areas and give them their own timelines therefore they could have their phases 'current', but they all really follow the sometime line. In addition, I have now lost the ability to roll-up estimates to the release plan. I now I have to have three different release plans for each team?

Conclusions:

So I am thinking I might have to create a Main Development Team area and sub release team areas with sub-team team areas that all share the same timeline to preserve the rollout into the release plan?

Team Area Main Development
--- Release 1.0 Team Area
------ Dev Project 1
------ Dev Project 2

--- Release 2.0 Team Area
------ Dev Project 3
------ Dev Project 4

I could then create a Release Plan for 1.0 and add task like 'Create Design Document' and in the release plan I might have 4 of these for each of the dev projects. But I could filter the Release Plan to include things from a particular Dev Project Team area or turn the filter off to see the status of the entire release?

Any suggestions?