Is there any way to use metadata on document revisions other than creating custom fields?
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There are six description fields that are meant to be used for storing any metadata you want to. Would that work for you? You could also use the Characteristics attachment together with some suitable template to keep additional information.
What do you want to use it for?
Well, it might work. We have a document class for storing different types of meeting protocols. Here we need to categorize these document with 3 descriptions. It could work with the six description but in this case we rather would like to use LOV so that we always spell correctly and so on.
You could have a custom event do some simple validations to stop misspelled values.
Or bite the bullet and add a custom field which supports LOVs... 
Did you consider using the Format Size field? Many customers use it as a kind of sub class
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