Distinguishing Records with Related Fields
I encourage those more knowledgeable than I to edit this answer or question with additional information if it would be beneficial to those reading this in the future.

After experimentation, I've implemented Option 2, the boolean field for trial version. 

I think this solution is 


better normalized and
more clear to users


when each attribute is broken down into its own field (rather than having a version field which has to describe multiple attributes like product version and whether or not it is trial). 

In some way it could be beneficial if I could just add new version numbers like 7.622 then 7.6221 to get more specific, but this can be confusing to decipher and is also somewhat arbitrary. The alternative--breaking the version/trial into multiple fields--also discourages others from creating new potentially duplicate or unnecessary version numbers which make things harder to find/query.

These additional fields, such as the trial boolean, are related to each Product through the one-to-many relationship between Products and Shipments.