Previously, I worked on a product that was data warehouse-related, and designed to be installed at client sites if desired. Consequently, the software knew how to go about "installation" (mainly creation of the required database schema and population of static data such as currency/country codes, etc.).
Because we had this information in the code itself, and because we had pluggable SQL adapters, it was trivial to get this code to work with an in-memory database (we used HSQL). Consequently we did most of our actual development work and performance testing against "real" local servers (Oracle or SQL Server), but all of the unit testing and other automated tasks against process-specific in-memory DBs.
We were quite fortunate in this respect that if there was a change to the centralised static data, we needed to include it in the upgrade part of the installation instructions, so by default it was stored in the SCM repository, checked out by the developers and installed as part of their normal workflow. On reflection this is very similar to your proposed DB changelog idea, except a little more formalised and with a domain-specific abstraction layer around it.
This scheme worked very well, because anyone could build a fully working DB with up-to-date static data in a few minutes, without stepping on anyone else's toes. I couldn't say if it's worthwhile if you don't need the install/upgrade functionality, but I would consider it anyway because it made the database dependency completely painless.