Can You create 2-3 version of CSF as it is with cPanel?
For example: STABLE, RELEASE and maybe CURRENT.
Few versions
No, we have no intention of doing that on a free product. We do try and test as much as possible before release and have seen very few instances of major bugs in new releases. If any are found, we usually release a fix within minutes of identifying such problems. If you don't want to use the latest version, don't enable auto updates.