With LiveSite I wouldn't recommend you having dev and qa/prod on the same box. This is definitely going to be painful to use - particularly when you start adding your custom java code (externals, controllers, etc.).
I'ld recommend creating seperate workareas for each component state and use permissions to hide components in development from non-developers. For versioning just put the component into a subfolder called 'Development' and move them into 'Testing' or 'Production' once you're done. You need to take care that you use the TeamSite workareas as intendended with LiveSite.