"Those choices you see are project templates/wizards. They help you get started by adjusting the starting settings of the projects they generate. This makes it easier include the proper libraries, have proper output file type, etc. So in short, they just configure the project, they aren't targets."
I see.
Aha!
"The "Save Project As..." and "Save Workspace As..." options don't create copy the entire contents of the project, they only copy the project file it self, or the workspace file itself."
This is the missing piece of the puzzle and explains the behaviour that was confusing me. Now I think I see what's going on. With that in mind, your explanation of how you would lay out your work makes perfect sense.
"You seem a little new to development,"
That would be an understatement!
"...what you are trying to do is better accomplished with a Source Control System."
I think I gave that impression, but I'm not trying to save multiple versions. I was just trying to shortcut by doing what I might do if I were word-processing, namely, use save as to create a copy of what I'm doing under a new name and then erase the text and start the new thing I want to write. But thank you for the links to SVN and the how-to, I can see right away how necessary and helpful source control tools would be. I will read through those today.
Thanks for your time and help!
-Greg