Changes to tables and data (for lookup tables) should be scripted and in source control like any other code. Then you run the scripts for the changes you are promoting to prod. This way other dev changes which are not ready to go to prod can be held back from being sent to prod.
I also do not recommend that you have a development database in a differnt version of SQL Server unless what you are testing to see if anything needs to be changed in preparation of moving to 2008. Otherwise, it is highly likely that bad code will be written that the prodcution database cannot handle becasue it is the wrong version and you will not find this out until you send the change to production.