Hi Al,
Having 2 or more extended profiles should be ok and can be done. Its just a matter of having 1 (base profile) to many (extended profile) mapping.
When the user moves from one extended profile to another we would not care what his/her old attributes are? For example a student has hair color attribute, he/she graduates and alumni does not have hair color attribute. We discard this info? So there is no need for us to know what hair color a particular alumni had when he/she was a student?