I would not be able to say one way or the other what is best for you, only presenting options to your problem of being able to analyze changing profile attributes. Many factors to consider in whether to use both a profile lookup and an event version or one or the other, for example:The Profile looku...

When you use a profile lookup dataset in a CJA Connection, the attributes in that dataset will be available in CJA reporting for matching PersonIDs.  To answer your question, the last values in the profile lookup per PersonID are applied to all of that PersonID's events - similar to how record looku...