I'm not sure if I understand the question.  If the UPC doesn't exist in the system, create a new profile.  I Would not clone the Blu-ray version as the specs are almost certainly different.

If the UPC doesn't exist, then it makes sense to take the Blu-ray release of that title and change the UPC to the one on the DVD packaging.

The DVD will probably have the same features, cast, crew, release date, studios, media companies etc., so it would just be a case of adding the cover images, aspect ratio, disc info, audio tracks, and other data that is specific to the DVD.

It's that or adding the DVD as a barebones profile and copying and pasting the pertinent data from the Blu-ray profile.

Quoting Addicted2DVD:

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Not in the case of features.  Features is seldomly even close to being the same. But yes there is a lot of things that will be the same making it worth cloning and updating all the differences.

There will be similarities and differences between the Criterion Blu-ray and DVD releases of the same film on the same date – some releases will be almost identical across the formats and others will not – but they are probably close enough to make the 'clone and adapt' approach the quickest way to make an accurate DVD profile from scratch.

Quoting primetime21:

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Is Criterion still releasing DVDs?  I'd be shocked if any older Criterion DVDs weren't already in the database.

It seems they do. On their website they show, that they are releasing the movie EO on DVD and Blu-ray, however, The Others will only be available on Blu-ray and 4K.