How to best store limited specifications?
You're correct that a new table is the best way to store it. Referencing Type from the ID of the value in a secondary table will allow you to normalize your data. This helps ensure integrity, reduce duplicate data, and allow for effective querying of any type.

You're also correct that this results in the creation of several tables - welcome to the world of relational schemas :) It may seem like a pain now, but long term this method will be the best for storing, updating, deleting, and querying your data.

In any of these scenarios, you should always create a separate table for each entity, whether they have 3 data types or 10 data types that may or may not change. Requirements may change down the road and you should plan for the unexpected! You can tell what fields should be branched out into separate tables by seeing if it follows the rule for third normal form,


  Each column must depend on directly on the primary key.


Since Type does not follow this, it is best as a separate table.

Further Reading: Litt's Tips on Normalization