Give us more background on why and which iteration are you talking about? The first iteration, the last or one of the X in between the first and last.
What do you really gain by deleting 1 iteration of an object? Check it out and resave with your changes to make the right one the latest iteration, but still keep the others to trace design intent changes.
Rather than deleting, which would be more likely to throw the old "referential integrity violation has occurred", set individual iterations to a life cycle state that is invisible to everyone except the admin.
In this way it is effectively deleted from all the users' point of view and you don't have to worry about data integrity or referential violations.
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